-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output/results_full_dataset.log
  log type:  text
 opened on:   7 May 2023, 14:20:46

. 
. **# Table 1
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. 
. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. collect: table  ( country2 ) () () if year>=2001, statistic(total indNum_t_priv indNum_t_priv_fd indNum_t_priv_nonfd indNum_crosscountry_priv indNum_withincountry_priv indNum_crossind_priv indNum_withinind_priv)

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
               |  (sum) t_private   (sum) t_priv_fulldisc   indNum_t_priv_nonfd   (sum) crosscountry_priv   (sum) withincountry_priv   (sum) crossindustry_priv_2d   (sum) withinindustry_priv_2d
---------------+---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
group(country) |                                                                                                                                                                                 
  1            |              506                      73                   433                       235                        271                           287                            219
  2            |            1,429                      86                 1,343                       638                        791                           660                            769
  3            |            1,295                     635                   660                       480                        815                           628                            667
  4            |            3,894                     448                 3,446                       399                      3,495                         1,917                          1,977
  5            |            3,996                     565                 3,431                     1,046                      2,950                         1,815                          2,181
  6            |            3,807                     991                 2,816                     1,631                      2,176                         1,878                          1,929
  7            |              387                      45                   342                       242                        145                           170                            217
  8            |              478                       7                   471                       146                        332                           228                            250
  9            |            4,959                     407                 4,552                     1,029                      3,930                         2,220                          2,739
  10           |            1,733                     229                 1,504                       224                      1,509                           852                            881
  11           |            2,217                     455                 1,762                       683                      1,534                         1,110                          1,107
  12           |           15,620                   1,863                13,757                     3,594                     12,026                         7,261                          8,359
  Total        |           40,321                   5,804                34,517                    10,347                     29,974                        19,026                         21,295
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

. collect export "table1_deal_distr1.xlsx",replace  
(collection Table exported to file table1_deal_distr1.xlsx)

. table ( year ) () () if year>=2001, statistic(total indNum_t_priv indNum_t_priv_fd indNum_t_priv_nonfd indNum_crosscountry_priv indNum_withincountry_priv  indNum_crossind_priv indNum_withinind_priv)

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
              |  (sum) t_private   (sum) t_priv_fulldisc   indNum_t_priv_nonfd   (sum) crosscountry_priv   (sum) withincountry_priv   (sum) crossindustry_priv_2d   (sum) withinindustry_priv_2d
--------------+---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CLOSDATE_year |                                                                                                                                                                                 
  2001        |            1,642                     358                 1,284                       477                      1,165                           781                            861
  2002        |            2,058                     387                 1,671                       567                      1,491                           900                          1,158
  2003        |            2,219                      17                 2,202                       602                      1,617                         1,055                          1,164
  2004        |            2,803                     419                 2,384                       733                      2,070                         1,314                          1,489
  2005        |            3,494                     446                 3,048                       969                      2,525                         1,647                          1,847
  2006        |            3,916                     527                 3,389                     1,058                      2,858                         1,859                          2,057
  2007        |            4,185                     787                 3,398                     1,214                      2,971                         2,031                          2,154
  2008        |            3,599                     649                 2,950                     1,084                      2,515                         1,750                          1,849
  2009        |            2,706                     425                 2,281                       658                      2,048                         1,331                          1,375
  2010        |            3,894                     573                 3,321                       852                      3,042                         1,844                          2,050
  2011        |            4,778                     636                 4,142                     1,050                      3,728                         2,172                          2,606
  2012        |            5,027                     580                 4,447                     1,083                      3,944                         2,342                          2,685
  Total       |           40,321                   5,804                34,517                    10,347                     29,974                        19,026                         21,295
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

. collect export "table1_deal_distr2.xlsx",replace  
(collection Table exported to file table1_deal_distr2.xlsx)

. 
. **# Table 2
. gen lscope= l.scope
(1,084 missing values generated)

. gen lpercent_publ_toas= l.percent_publ_toas
(1,370 missing values generated)

. gen llog_indMean_toas=l.log_indMean_toas
(1,456 missing values generated)

. gen llog_num_firms= l.log_num_firms
(957 missing values generated)

. gen logIndNum_wcountry_priv=log(1 + indNum_withincountry_priv ) 

. gen logIndSum_wcountry_priv=log( 1 +indSum_withincountry_priv_asset) 

. quietly reghdfe logIndNum_t_priv lscope lpercent_publ_toas llog_indMean_toas llog_num_firms, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 

. quietly estpost summarize ///
>                 indNum_t_priv   logIndNum* logIndSum*  ///
>           lscope  lpercent_publ_toas ///
>           llog_indMean_toas llog_num_firms ///
>           indMeanRw_roa indSdRw_roa  if e(sample), detail

. estout using "stats-2D_1.xls",replace cells("count mean p50 sd")
(output written to stats-2D_1.xls)

. 
. **# Table 3
. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,777
Absorbing 2 HDFE groups                           F(   4,    143) =      24.34
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7068
                                                  Adj R-squared   =     0.7005
                                                  Within R-sq.    =     0.0126
Number of clusters (country_year) =        144    Root MSE        =     0.5463

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3289914   .0865996     3.80   0.000     .1578107     .500172
                  |
percent_publ_toas |
              L1. |   .0013095   .0292428     0.04   0.964    -.0564945    .0591135
                  |
 log_indMean_toas |
              L1. |   .0110563     .00449     2.46   0.015      .002181    .0199316
                  |
    log_num_firms |
              L1. |   .0782175   .0134624     5.81   0.000     .0516065    .1048285
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        81           0          81     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      20.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7110
                                                  Adj R-squared   =     0.7044
                                                  Within R-sq.    =     0.0152
Number of clusters (country_year) =        144    Root MSE        =     0.5492

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3484446   .1005001     3.47   0.001     .1497869    .5471023
                  |
percent_publ_toas |
              L1. |  -.0320838   .0314703    -1.02   0.310    -.0942909    .0301233
                  |
 log_indMean_toas |
              L1. |   .0285461   .0056414     5.06   0.000     .0173947    .0396975
                  |
    log_num_firms |
              L1. |   .0831954   .0129379     6.43   0.000     .0576212    .1087695
                  |
    indMeanRw_roa |
              L1. |   .0346075   .1307993     0.26   0.792    -.2239425    .2931575
                  |
      indSdRw_roa |
              L1. |  -.1423211   .1408455    -1.01   0.314    -.4207293    .1360871
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms , absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,777
Absorbing 2 HDFE groups                           F(   4,    143) =      26.58
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5346
                                                  Adj R-squared   =     0.5245
                                                  Within R-sq.    =     0.0115
Number of clusters (country_year) =        144    Root MSE        =     3.6635

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   1.826096   .6816264     2.68   0.008       .47873    3.173461
                  |
percent_publ_toas |
              L1. |   .1770408   .1905007     0.93   0.354    -.1995205    .5536021
                  |
 log_indMean_toas |
              L1. |   .0958518   .0320313     2.99   0.003     .0325359    .1591678
                  |
    log_num_firms |
              L1. |   .4817527   .0602782     7.99   0.000     .3626012    .6009042
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        81           0          81     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      24.60
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5314
                                                  Adj R-squared   =     0.5206
                                                  Within R-sq.    =     0.0144
Number of clusters (country_year) =        144    Root MSE        =     3.7041

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.026578   .7751677     2.61   0.010     .4943105    3.558846
                  |
percent_publ_toas |
              L1. |      -.017   .2012577    -0.08   0.933    -.4148245    .3808245
                  |
 log_indMean_toas |
              L1. |   .2027345   .0381325     5.32   0.000     .1273584    .2781106
                  |
    log_num_firms |
              L1. |   .5293103   .0605468     8.74   0.000     .4096279    .6489927
                  |
    indMeanRw_roa |
              L1. |  -.0818786   .8916777    -0.09   0.927    -1.844451    1.680694
                  |
      indSdRw_roa |
              L1. |  -.8253935    .925184    -0.89   0.374    -2.654198    1.003411
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             l~Num_t_priv    l~Num_t_priv    l~Sum_t_priv    l~Sum_t_priv   
----------------------------------------------------------------------------
L.scope             0.329***        0.348***        1.826**         2.027** 
                   (3.80)          (3.47)          (2.68)          (2.61)   

L.percent_~s      0.00131         -0.0321           0.177         -0.0170   
                   (0.04)         (-1.02)          (0.93)         (-0.08)   

L.log_indM~s       0.0111*         0.0285***       0.0959**         0.203***
                   (2.46)          (5.06)          (2.99)          (5.32)   

L.log_num_~s       0.0782***       0.0832***        0.482***        0.529***
                   (5.81)          (6.43)          (7.99)          (8.74)   

L.indMeanR~a                       0.0346                         -0.0819   
                                   (0.26)                         (-0.09)   

L.indSdRw_~a                       -0.142                          -0.825   
                                  (-1.01)                         (-0.89)   
----------------------------------------------------------------------------
N                   10777           10185           10777           10185   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

. esttab using "Table3.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table3.csv)

. eststo clear

. 
. **# Table 4
. use "${path_dir}/data/SIC2_panel.dta", clear

. xtset sic_country deal_year, yearly

Panel variable: sic_country (strongly balanced)
 Time variable: deal_year, 2000 to 2016
         Delta: 1 year

. gen country_sample=1 if cntrycde=="AT" | cntrycde=="BE" | cntrycde=="DK" | cntrycde=="DE" | cntrycde=="ES" | cntrycde=="FI" | cntrycde=="FR" | cntrycde=="IT" | cntrycde=="IE" | cntrycde=="NL" | cntrycde=="SE" | cntrycde
> =="UK" 
(16,541 missing values generated)

. drop if cntrycde=="ES" | cntrycde=="UK"
(2,652 observations deleted)

. sort sic_country deal_year disclosure

. bysort sic_country: gen n=deal_year if disclosure==1 & disclosure[_n-1]==0 & disclosure[_n-1]!=.
(27,239 missing values generated)

. bysort sic2 cntrycde: egen treatment=max(n)
(1,360 missing values generated)

. replace treatment=0 if cntrycde=="US"
(1,360 real changes made)

. label variable log_private "No. of Targets (log)"

. label variable log_privassets "Sum of Targets' Assets (log)"

. replace country_sample=1 if cntrycde=="US"
(1,360 real changes made)

. reghdfe log_private disclosure if country_sample==1 & deal_year<2013, abs(sic_country deal_year) cl(country_year)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 2 HDFE groups                           F(   1,    142) =       0.75
Statistics robust to heteroskedasticity           Prob > F        =     0.3864
                                                  R-squared       =     0.8483
                                                  Adj R-squared   =     0.8355
                                                  Within R-sq.    =     0.0004
Number of clusters (country_year) =        143    Root MSE        =     0.4993

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
 log_private | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   .0351274   .0404302     0.87   0.386    -.0447955    .1150503
       _cons |   1.247861   .0281645    44.31   0.000     1.192185    1.303537
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
   deal_year |        13           1          12     |
-----------------------------------------------------+

. outreg using "Table4", addrow ("Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US") ctitles("" "(1)") bdec(3) starlevels(10 5 1) summstat(r2_a \ N )  starloc(1) coljust(l{.}) 
> summtitle("ADJ. R2" \ "N" ) se var replace
warning: matrix in addrows option has varying size rows:
   `"ADJ. R2"',`"0.84"' \ `"N"',`"10,517"'\"Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US"

                                                                                              ---------------------------------
                                                                                                                     (1)      
                                                                                              ---------------------------------
                                                                                               disclosure           0.035     
                                                                                                                   (0.040)    
                                                                                               Constant           1.248***    
                                                                                                                   (0.028)    
                                                                                               ADJ. R2              0.84      
                                                                                               N                   10,517     
                                                                                               Cluster          Country-Year  
                                                                                               Country-SIC FE        Yes      
                                                                                               Year FE               Yes      
                                                                                               Sample           Europe and US 
                                                                                              ---------------------------------
                                                                                               * p<0.1; ** p<0.05; *** p<0.01


. reghdfe log_privassets disclosure if country_sample==1 & deal_year<2013, abs(sic_country deal_year) cl(country_year)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 2 HDFE groups                           F(   1,    142) =      17.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.5599
                                                  Adj R-squared   =     0.5227
                                                  Within R-sq.    =     0.0109
Number of clusters (country_year) =        143    Root MSE        =     3.7697

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
log_privas~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   1.386811   .3329308     4.17   0.000     .7286699    2.044952
       _cons |   3.931678    .187418    20.98   0.000     3.561188    4.302168
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
   deal_year |        13           1          12     |
-----------------------------------------------------+

. outreg using "Table4", addrow ("Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US") ctitles("" "(1)") bdec(3) starlevels(10 5 1) summstat(r2_a \ N )  starloc(1) coljust(l{.}) 
> summtitle("ADJ. R2" \ "N" ) se var replace merge
warning: matrix in addrows option has varying size rows:
   `"ADJ. R2"',`"0.52"' \ `"N"',`"10,517"'\"Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US"

                                                                                      ------------------------------------------------
                                                                                                             (1)            (1)      
                                                                                      ------------------------------------------------
                                                                                       disclosure           0.035        1.387***    
                                                                                                           (0.040)        (0.333)    
                                                                                       Constant           1.248***       3.932***    
                                                                                                           (0.028)        (0.187)    
                                                                                       ADJ. R2              0.84           0.52      
                                                                                       N                   10,517         10,517     
                                                                                       Cluster          Country-Year   Country-Year  
                                                                                       Country-SIC FE        Yes            Yes      
                                                                                       Year FE               Yes            Yes      
                                                                                       Sample           Europe and US  Europe and US 
                                                                                      ------------------------------------------------
                                                                                               * p<0.1; ** p<0.05; *** p<0.01


. csdid log_private if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(simple)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         ATT |   .1805596   .0393612     4.59   0.000     .1034131    .2577061
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. outreg using "Table4", addrow ("Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US") ctitles("" "(1)") bdec(3) starlevels(10 5 1) summstat(r2_a \ N )  starloc(1) coljust(l{.}) 
> summtitle("ADJ. R2" \ "N" ) se var replace merge
warning: matrix in addrows option has varying size rows:
   `"ADJ. R2"',`"."' \ `"N"',`"10,517"'\"Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US"

                                                                               ---------------------------------------------------------------
                                                                                                      (1)            (1)            (1)      
                                                                               ---------------------------------------------------------------
                                                                                disclosure           0.035        1.387***                   
                                                                                                    (0.040)        (0.333)                   
                                                                                ATT                                              0.181***    
                                                                                                                                  (0.039)    
                                                                                Constant           1.248***       3.932***                   
                                                                                                    (0.028)        (0.187)                   
                                                                                ADJ. R2              0.84           0.52             .       
                                                                                N                   10,517         10,517         10,517     
                                                                                Cluster          Country-Year   Country-Year   Country-Year  
                                                                                Country-SIC FE        Yes            Yes            Yes      
                                                                                Year FE               Yes            Yes            Yes      
                                                                                Sample           Europe and US  Europe and US  Europe and US 
                                                                               ---------------------------------------------------------------
                                                                                               * p<0.1; ** p<0.05; *** p<0.01


. csdid log_privassets if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(simple)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         ATT |   3.179684   .3187936     9.97   0.000      2.55486    3.804507
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. outreg using "Table4", addrow ("Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US") ctitles("" "(1)") bdec(3) starlevels(10 5 1) summstat(r2_a \ N )  starloc(1) coljust(l{.}) 
> summtitle("ADJ. R2" \ "N" ) se var replace merge
warning: matrix in addrows option has varying size rows:
   `"ADJ. R2"',`"."' \ `"N"',`"10,517"'\"Cluster" "Country-Year"  \ "Country-SIC FE" "Yes" \ "Year FE" "Yes" \ "Sample" "Europe and US"

                                                                       ------------------------------------------------------------------------------
                                                                                              (1)            (1)            (1)            (1)      
                                                                       ------------------------------------------------------------------------------
                                                                        disclosure           0.035        1.387***                                  
                                                                                            (0.040)        (0.333)                                  
                                                                        ATT                                              0.181***       3.180***    
                                                                                                                          (0.039)        (0.319)    
                                                                        Constant           1.248***       3.932***                                  
                                                                                            (0.028)        (0.187)                                  
                                                                        ADJ. R2              0.84           0.52             .              .       
                                                                        N                   10,517         10,517         10,517         10,517     
                                                                        Cluster          Country-Year   Country-Year   Country-Year   Country-Year  
                                                                        Country-SIC FE        Yes            Yes            Yes            Yes      
                                                                        Year FE               Yes            Yes            Yes            Yes      
                                                                        Sample           Europe and US  Europe and US  Europe and US  Europe and US 
                                                                       ------------------------------------------------------------------------------
                                                                                               * p<0.1; ** p<0.05; *** p<0.01


. 
. 
. **# Table 5
. use "${path_dir}/data/around_threshold.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. gen distant_perc= distance_threshold/tr_toas

. keep if distant_perc<0.1
(0 observations deleted)

. eststo: reghdfe dummy_deal fulldisclosure log_toas , absorb(i.country_year i.sic_2d_2) cl( i.country_year) 
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =    771,296
Absorbing 2 HDFE groups                           F(   2,    152) =       9.45
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.0034
                                                  Adj R-squared   =     0.0031
                                                  Within R-sq.    =     0.0001
Number of clusters (country_year) =        153    Root MSE        =     0.0272

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0010017   .0002312     4.33   0.000     .0005448    .0014585
      log_toas |  -.0013788   .0005822    -2.37   0.019     -.002529   -.0002286
         _cons |   .0202971   .0082891     2.45   0.015     .0039203    .0366739
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       153         153           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe dummy_deal fulldisclosure log_toas ,absorb(i.country_year i.country_sic) cl( i.country_year)
(dropped 27 singleton observations)
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =    771,270
Absorbing 2 HDFE groups                           F(   2,    152) =       9.18
Statistics robust to heteroskedasticity           Prob > F        =     0.0002
                                                  R-squared       =     0.0083
                                                  Adj R-squared   =     0.0071
                                                  Within R-sq.    =     0.0001
Number of clusters (country_year) =        153    Root MSE        =     0.0272

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0009595   .0002255     4.25   0.000     .0005139    .0014051
      log_toas |  -.0013995   .0005795    -2.42   0.017    -.0025443   -.0002547
         _cons |   .0205968    .008251     2.50   0.014     .0042953    .0368983
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       153         153           0    *|
  country_sic |       826           0         826     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe dummy_deal fulldisclosure log_toas ,absorb(i.country_year i.bvid2) cl( i.country_year)
(dropped 202874 singleton observations)
(MWFE estimator converged in 22 iterations)

HDFE Linear regression                            Number of obs   =    568,423
Absorbing 2 HDFE groups                           F(   2,    152) =       3.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0411
                                                  R-squared       =     0.3750
                                                  Adj R-squared   =     0.0377
                                                  Within R-sq.    =     0.0000
Number of clusters (country_year) =        153    Root MSE        =     0.0248

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0007089   .0003213     2.21   0.029      .000074    .0013437
      log_toas |  -.0013639   .0007527    -1.81   0.072    -.0028511    .0001234
         _cons |   .0200812   .0107614     1.87   0.064      -.00118    .0413423
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       153         153           0    *|
        bvid2 |    199116           0      199116     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. esttab

------------------------------------------------------------
                      (1)             (2)             (3)   
               dummy_deal      dummy_deal      dummy_deal   
------------------------------------------------------------
fulldisclo~e      0.00100***     0.000959***     0.000709*  
                   (4.33)          (4.25)          (2.21)   

log_toas         -0.00138*       -0.00140*       -0.00136   
                  (-2.37)         (-2.42)         (-1.81)   

_cons              0.0203*         0.0206*         0.0201   
                   (2.45)          (2.50)          (1.87)   
------------------------------------------------------------
N                  771296          771270          568423   
------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

. esttab using "Table5.csv",   replace ar2 b(4) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table5.csv)

. eststo clear

. 
. **# Table 6
. use "${path_dir}//data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. keep if country=="Germany"
(11,253 observations deleted)

. gen priv_perc=(num_firmspriv)/num_firms

. replace priv_perc=. if year>2006
(480 real changes made, 480 to missing)

. bysort sic_2d: egen priv_limited_share=mean(priv_perc)

. gen post=(year>=2007)

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (strongly balanced)
 Time variable: year, 2000 to 2012
         Delta: 1 year

. 
. eststo: reghdfe logIndNum_t_priv c.priv_limited_share#1.post  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa   , absorb( i.year i.sic_2d_2) cl( i.sic_2d_2) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =        909
Absorbing 2 HDFE groups                           F(   6,     79) =       3.48
Statistics robust to heteroskedasticity           Prob > F        =     0.0042
                                                  R-squared       =     0.8394
                                                  Adj R-squared   =     0.8202
                                                  Within R-sq.    =     0.0208
Number of clusters (sic_2d_2) =         80        Root MSE        =     0.4336

                                           (Std. err. adjusted for 80 clusters in sic_2d_2)
-------------------------------------------------------------------------------------------
                          |               Robust
         logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
post#c.priv_limited_share |
                       1  |   1.003843   .3979189     2.52   0.014     .2118054    1.795881
                          |
        percent_publ_toas |
                      L1. |   .0876098   .1238903     0.71   0.482    -.1589876    .3342072
                          |
         log_indMean_toas |
                      L1. |  -.0536289   .0245918    -2.18   0.032    -.1025776   -.0046802
                          |
            log_num_firms |
                      L1. |   .0203392   .1956739     0.10   0.917    -.3691399    .4098182
                          |
            indMeanRw_roa |
                      L1. |   1.286978   .5657315     2.27   0.026     .1609174    2.413038
                          |
              indSdRw_roa |
                      L1. |  -.4986605   .7123138    -0.70   0.486    -1.916486    .9191647
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    sic_2d_2 |        80          80           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv c.priv_limited_share#1.post   l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa  , absorb( i.year i.sic_2d_2) cl( i.sic_2d_2) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =        909
Absorbing 2 HDFE groups                           F(   6,     79) =       6.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6198
                                                  Adj R-squared   =     0.5743
                                                  Within R-sq.    =     0.0269
Number of clusters (sic_2d_2) =         80        Root MSE        =     3.7121

                                           (Std. err. adjusted for 80 clusters in sic_2d_2)
-------------------------------------------------------------------------------------------
                          |               Robust
         logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
post#c.priv_limited_share |
                       1  |   11.97101   3.104101     3.86   0.000     5.792447    18.14956
                          |
        percent_publ_toas |
                      L1. |  -.2176167   .8935986    -0.24   0.808     -1.99628    1.561047
                          |
         log_indMean_toas |
                      L1. |  -.2585959   .1745522    -1.48   0.142    -.6060333    .0888415
                          |
            log_num_firms |
                      L1. |  -2.119339   1.501442    -1.41   0.162    -5.107885    .8692074
                          |
            indMeanRw_roa |
                      L1. |   8.065062   5.341957     1.51   0.135    -2.567839    18.69796
                          |
              indSdRw_roa |
                      L1. |  -9.574603   5.747693    -1.67   0.100     -21.0151    1.865893
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    sic_2d_2 |        80          80           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------
                      (1)             (2)   
             logIndNum_~v    logIndSum_~v   
--------------------------------------------
1.post#c.p~e        1.004**        11.971***
                   (2.52)          (3.86)   

L.percent_~s        0.088          -0.218   
                   (0.71)         (-0.24)   

L.log_indM~s       -0.054**        -0.259   
                  (-2.18)         (-1.48)   

L.log_num_~s        0.020          -2.119   
                   (0.10)         (-1.41)   

L.indMeanR~a        1.287**         8.065   
                   (2.27)          (1.51)   

L.indSdRw_~a       -0.499          -9.575*  
                  (-0.70)         (-1.67)   
--------------------------------------------
N                     909             909   
adj. R-sq           0.820           0.574   
--------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table6.csv",  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table6.csv)

. eststo clear

. 
. quiet estpost summarize logIndNum_t_priv logIndSum_t_priv priv_limited_share post  if e(sample), detail

. estout using "stats-german_reform.xls",replace cells("count mean p50 sd min max")
(output written to stats-german_reform.xls)

. 
. **# Table 7 
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. destring sic_2d,replace
sic_2d: all characters numeric; replaced as byte

. gen t_country=""
(12,293 missing values generated)

. replace t_country="AT" if country=="Austria"
variable t_country was str1 now str2
(1,022 real changes made)

. replace t_country="BE" if country=="Belgium"
(1,027 real changes made)

. replace t_country="DK" if country=="Denmark"
(1,010 real changes made)

. replace t_country="DE" if country=="Germany"
(1,040 real changes made)

. replace t_country="FI" if country=="Finland"
(1,030 real changes made)

. replace t_country="FR" if country=="France"
(1,030 real changes made)

. replace t_country="IE" if country=="Ireland"
(1,021 real changes made)

. replace t_country="IT" if country=="Italy"
(1,004 real changes made)

. replace t_country="NL" if country=="Netherlands"
(1,027 real changes made)

. replace t_country="ES" if country=="Spain"
(1,040 real changes made)

. replace t_country="SE" if country=="Sweden"
(995 real changes made)

. replace t_country="UK" if country=="United Kingdom"
(1,047 real changes made)

. joinby sic_2d t_country year using "${path_dir}/data/Patents_all.dta", unm(mas)

. tab _m

                       _merge |      Freq.     Percent        Cum.
------------------------------+-----------------------------------
          only in master data |      1,047        8.52        8.52
both in master and using data |     11,246       91.48      100.00
------------------------------+-----------------------------------
                        Total |     12,293      100.00

. drop _m

. sum applications, d

                        applications
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs              11,246
25%            0              0       Sum of wgt.      11,246

50%            3                      Mean           136.8566
                        Largest       Std. dev.      643.7689
75%           36          12917
90%          215          12939       Variance       414438.4
95%          574          13078       Skewness       11.02112
99%         2680          13107       Kurtosis       166.2597

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if applications<=3, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,420
Absorbing 2 HDFE groups                           F(   6,    131) =      17.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4900
                                                  Adj R-squared   =     0.4644
                                                  Within R-sq.    =     0.0198
Number of clusters (country_year) =        132    Root MSE        =     0.4212

                              (Std. err. adjusted for 132 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.1153878   .0912346    -1.26   0.208    -.2958716     .065096
                  |
percent_publ_toas |
              L1. |   .0232146   .0246094     0.94   0.347    -.0254687    .0718979
                  |
 log_indMean_toas |
              L1. |   .0205887   .0042868     4.80   0.000     .0121084    .0290691
                  |
    log_num_firms |
              L1. |    .067375   .0107166     6.29   0.000     .0461751     .088575
                  |
    indMeanRw_roa |
              L1. |   .2224992    .117927     1.89   0.061    -.0107885    .4557869
                  |
      indSdRw_roa |
              L1. |   .2418577    .135053     1.79   0.076    -.0253094    .5090248
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       132         132           0    *|
     sic_2d_2 |        74           0          74     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if applications<=3, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,420
Absorbing 2 HDFE groups                           F(   6,    131) =      15.67
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3792
                                                  Adj R-squared   =     0.3481
                                                  Within R-sq.    =     0.0145
Number of clusters (country_year) =        132    Root MSE        =     3.3649

                              (Std. err. adjusted for 132 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.6688552   .8051547    -0.83   0.408    -2.261643    .9239328
                  |
percent_publ_toas |
              L1. |   .3380786    .222547     1.52   0.131    -.1021724    .7783296
                  |
 log_indMean_toas |
              L1. |   .1388458   .0443226     3.13   0.002      .051165    .2265265
                  |
    log_num_firms |
              L1. |   .4434932   .0641943     6.91   0.000     .3165015    .5704848
                  |
    indMeanRw_roa |
              L1. |   1.539478   .8535536     1.80   0.074    -.1490545    3.228011
                  |
      indSdRw_roa |
              L1. |   .8255614   .8701807     0.95   0.345    -.8958635    2.546986
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       132         132           0    *|
     sic_2d_2 |        74           0          74     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if applications>3, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,764
Absorbing 2 HDFE groups                           F(   6,    143) =      18.51
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7594
                                                  Adj R-squared   =     0.7495
                                                  Within R-sq.    =     0.0371
Number of clusters (country_year) =        144    Root MSE        =     0.5550

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .5814796   .2401681     2.42   0.017     .1067411    1.056218
                  |
percent_publ_toas |
              L1. |   .0323363   .0458682     0.70   0.482     -.058331    .1230037
                  |
 log_indMean_toas |
              L1. |   .0377034   .0101733     3.71   0.000     .0175938    .0578129
                  |
    log_num_firms |
              L1. |   .1865972   .0198532     9.40   0.000     .1473534    .2258409
                  |
    indMeanRw_roa |
              L1. |   .1036464   .2682252     0.39   0.700    -.4265523    .6338452
                  |
      indSdRw_roa |
              L1. |    .447474    .313438     1.43   0.156    -.1720963    1.067044
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if applications>3, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,764
Absorbing 2 HDFE groups                           F(   6,    143) =      13.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5364
                                                  Adj R-squared   =     0.5173
                                                  Within R-sq.    =     0.0192
Number of clusters (country_year) =        144    Root MSE        =     3.7976

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   3.678281    1.54188     2.39   0.018     .6304588    6.726103
                  |
percent_publ_toas |
              L1. |   .0695913   .2998547     0.23   0.817    -.5231291    .6623117
                  |
 log_indMean_toas |
              L1. |   .2900321   .0679224     4.27   0.000     .1557705    .4242938
                  |
    log_num_firms |
              L1. |   .8531995   .1093774     7.80   0.000      .636994    1.069405
                  |
    indMeanRw_roa |
              L1. |  -1.731538   1.642389    -1.05   0.294    -4.978035    1.514958
                  |
      indSdRw_roa |
              L1. |   1.297496   2.238828     0.58   0.563    -3.127979     5.72297
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab 

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
----------------------------------------------------------------------------
L.scope            -0.115          -0.669           0.581*          3.678*  
                  (-1.26)         (-0.83)          (2.42)          (2.39)   

L.percent_~s       0.0232           0.338          0.0323          0.0696   
                   (0.94)          (1.52)          (0.70)          (0.23)   

L.log_indM~s       0.0206***        0.139**        0.0377***        0.290***
                   (4.80)          (3.13)          (3.71)          (4.27)   

L.log_num_~s       0.0674***        0.443***        0.187***        0.853***
                   (6.29)          (6.91)          (9.40)          (7.80)   

L.indMeanR~a        0.222           1.539           0.104          -1.732   
                   (1.89)          (1.80)          (0.39)         (-1.05)   

L.indSdRw_~a        0.242           0.826           0.447           1.297   
                   (1.79)          (0.95)          (1.43)          (0.58)   
----------------------------------------------------------------------------
N                    4420            4420            5764            5764   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

. esttab using "Table7.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table7.csv)

. eststo clear

. 
. **# Table 8 
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if redeploy_high==0, absorb(i.country_year i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      4,605
Absorbing 2 HDFE groups                           F(   6,    143) =      24.02
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6854
                                                  Adj R-squared   =     0.6723
                                                  Within R-sq.    =     0.0361
Number of clusters (country_year) =        144    Root MSE        =     0.5384

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .4760784   .1679555     2.83   0.005     .1440821    .8080748
                  |
percent_publ_toas |
              L1. |   .0394641   .0363969     1.08   0.280    -.0324814    .1114096
                  |
 log_indMean_toas |
              L1. |   .0122355   .0074936     1.63   0.105     -.002577     .027048
                  |
    log_num_firms |
              L1. |   .1900533   .0185623    10.24   0.000     .1533614    .2267452
                  |
    indMeanRw_roa |
              L1. |   .0406625   .1856963     0.22   0.827     -.326402    .4077269
                  |
      indSdRw_roa |
              L1. |  -.1253154   .2126298    -0.59   0.557     -.545619    .2949883
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        35           0          35     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if redeploy_high==0, absorb(i.country_year i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      4,605
Absorbing 2 HDFE groups                           F(   6,    143) =      22.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5238
                                                  Adj R-squared   =     0.5040
                                                  Within R-sq.    =     0.0269
Number of clusters (country_year) =        144    Root MSE        =     3.8315

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   3.912385   1.315213     2.97   0.003     1.312615    6.512155
                  |
percent_publ_toas |
              L1. |   .1865937    .285014     0.65   0.514    -.3767912    .7499787
                  |
 log_indMean_toas |
              L1. |     .14941   .0525085     2.85   0.005     .0456169    .2532031
                  |
    log_num_firms |
              L1. |   1.119305   .1058902    10.57   0.000     .9099923    1.328617
                  |
    indMeanRw_roa |
              L1. |   -.021464   1.273176    -0.02   0.987    -2.538141    2.495213
                  |
      indSdRw_roa |
              L1. |    .040741   1.539809     0.03   0.979    -3.002987    3.084469
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        35           0          35     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if redeploy_high==1, absorb(i.country_year i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      4,450
Absorbing 2 HDFE groups                           F(   6,    143) =       8.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7723
                                                  Adj R-squared   =     0.7625
                                                  Within R-sq.    =     0.0139
Number of clusters (country_year) =        144    Root MSE        =     0.5440

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.0591831   .1829661    -0.32   0.747    -.4208507    .3024846
                  |
percent_publ_toas |
              L1. |   .0077812   .0437182     0.18   0.859    -.0786362    .0941985
                  |
 log_indMean_toas |
              L1. |   .0362998   .0102418     3.54   0.001      .016055    .0565446
                  |
    log_num_firms |
              L1. |   .0778119   .0129699     6.00   0.000     .0521744    .1034494
                  |
    indMeanRw_roa |
              L1. |  -.1118956   .2334955    -0.48   0.633    -.5734443    .3496531
                  |
      indSdRw_roa |
              L1. |   .1837804   .2055254     0.89   0.373    -.2224801    .5900409
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        34           0          34     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if redeploy_high==1, absorb(i.country_year i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      4,450
Absorbing 2 HDFE groups                           F(   6,    143) =       6.32
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5507
                                                  Adj R-squared   =     0.5315
                                                  Within R-sq.    =     0.0110
Number of clusters (country_year) =        144    Root MSE        =     3.6773

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -1.758178   1.126765    -1.56   0.121    -3.985445    .4690894
                  |
percent_publ_toas |
              L1. |  -.1089091   .3197112    -0.34   0.734    -.7408797    .5230615
                  |
 log_indMean_toas |
              L1. |   .2684717   .0660769     4.06   0.000      .137858    .3990853
                  |
    log_num_firms |
              L1. |   .4136348    .086306     4.79   0.000     .2430344    .5842352
                  |
    indMeanRw_roa |
              L1. |  -.3945425   1.491804    -0.26   0.792    -3.343381    2.554296
                  |
      indSdRw_roa |
              L1. |  -.5390684   1.448689    -0.37   0.710     -3.40268    2.324543
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        34           0          34     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab , replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01) 

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
----------------------------------------------------------------------------
L.scope             0.476***        3.912***       -0.059          -1.758   
                   (2.83)          (2.97)         (-0.32)         (-1.56)   

L.percent_~s        0.039           0.187           0.008          -0.109   
                   (1.08)          (0.65)          (0.18)         (-0.34)   

L.log_indM~s        0.012           0.149***        0.036***        0.268***
                   (1.63)          (2.85)          (3.54)          (4.06)   

L.log_num_~s        0.190***        1.119***        0.078***        0.414***
                  (10.24)         (10.57)          (6.00)          (4.79)   

L.indMeanR~a        0.041          -0.021          -0.112          -0.395   
                   (0.22)         (-0.02)         (-0.48)         (-0.26)   

L.indSdRw_~a       -0.125           0.041           0.184          -0.539   
                  (-0.59)          (0.03)          (0.89)         (-0.37)   
----------------------------------------------------------------------------
N                    4605            4605            4450            4450   
adj. R-sq           0.672           0.504           0.763           0.531   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table8.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01) 
(output written to Table8.csv)

. eststo clear

. 
. **# Table 9 
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. xtile high_size_disp=indSD_toas, n(2)

. xtile high_age_disp=indSD_firmage, n(2)

. 
. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_size_disp==1 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,753
Absorbing 2 HDFE groups                           F(   6,    143) =       6.48
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6288
                                                  Adj R-squared   =     0.6101
                                                  Within R-sq.    =     0.0095
Number of clusters (country_year) =        144    Root MSE        =     0.5079

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .4567582   .2180896     2.09   0.038     .0256622    .8878541
                  |
percent_publ_toas |
              L1. |  -.0185682   .0536014    -0.35   0.730    -.1245216    .0873853
                  |
 log_indMean_toas |
              L1. |    .033699   .0118137     2.85   0.005     .0103469     .057051
                  |
    log_num_firms |
              L1. |   .0521225   .0163013     3.20   0.002     .0198998    .0843453
                  |
    indMeanRw_roa |
              L1. |   .3644312   .1769657     2.06   0.041     .0146246    .7142379
                  |
      indSdRw_roa |
              L1. |  -.0409676   .2046025    -0.20   0.842    -.4454038    .3634686
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_size_disp==1 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,753
Absorbing 2 HDFE groups                           F(   6,    143) =       7.86
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4841
                                                  Adj R-squared   =     0.4581
                                                  Within R-sq.    =     0.0091
Number of clusters (country_year) =        144    Root MSE        =     3.4380

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.592526   1.341797     1.93   0.055    -.0597936    5.244845
                  |
percent_publ_toas |
              L1. |   .1412913   .2976387     0.47   0.636    -.4470489    .7296314
                  |
 log_indMean_toas |
              L1. |   .2277712   .0778472     2.93   0.004     .0738913    .3816512
                  |
    log_num_firms |
              L1. |   .3712104   .0803628     4.62   0.000      .212358    .5300629
                  |
    indMeanRw_roa |
              L1. |   1.052954   1.083968     0.97   0.333    -1.089717    3.195626
                  |
      indSdRw_roa |
              L1. |  -.5179527   1.198965    -0.43   0.666    -2.887937    1.852032
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_size_disp==2 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(dropped 4 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,328
Absorbing 2 HDFE groups                           F(   6,    142) =      12.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7561
                                                  Adj R-squared   =     0.7454
                                                  Within R-sq.    =     0.0169
Number of clusters (country_year) =        143    Root MSE        =     0.5606

                              (Std. err. adjusted for 143 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .1576515   .1442697     1.09   0.276    -.1275424    .4428454
                  |
percent_publ_toas |
              L1. |   .0228707   .0376214     0.61   0.544    -.0514997    .0972411
                  |
 log_indMean_toas |
              L1. |   .0349008   .0100828     3.46   0.001     .0149689    .0548326
                  |
    log_num_firms |
              L1. |   .1036809   .0156585     6.62   0.000     .0727271    .1346348
                  |
    indMeanRw_roa |
              L1. |  -.0019908   .2478973    -0.01   0.994     -.492037    .4880553
                  |
      indSdRw_roa |
              L1. |   -.097346   .2364836    -0.41   0.681    -.5648294    .3701374
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       143         143           0    *|
     sic_2d_2 |        76           0          76     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_size_disp==2, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(dropped 4 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,328
Absorbing 2 HDFE groups                           F(   6,    142) =      10.03
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5458
                                                  Adj R-squared   =     0.5258
                                                  Within R-sq.    =     0.0132
Number of clusters (country_year) =        143    Root MSE        =     3.8766

                              (Std. err. adjusted for 143 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .9067058   1.129515     0.80   0.423    -1.326131    3.139543
                  |
percent_publ_toas |
              L1. |  -.1812142   .2778666    -0.65   0.515     -.730504    .3680757
                  |
 log_indMean_toas |
              L1. |    .251224   .0638072     3.94   0.000     .1250893    .3773587
                  |
    log_num_firms |
              L1. |   .6269124   .0906121     6.92   0.000     .4477894    .8060353
                  |
    indMeanRw_roa |
              L1. |    .165337   1.521139     0.11   0.914    -2.841668    3.172342
                  |
      indSdRw_roa |
              L1. |  -.5738831   1.401553    -0.41   0.683    -3.344489    2.196723
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       143         143           0    *|
     sic_2d_2 |        76           0          76     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_age_disp==1 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,933
Absorbing 2 HDFE groups                           F(   6,    143) =       4.80
Statistics robust to heteroskedasticity           Prob > F        =     0.0002
                                                  R-squared       =     0.7207
                                                  Adj R-squared   =     0.7072
                                                  Within R-sq.    =     0.0075
Number of clusters (country_year) =        144    Root MSE        =     0.5465

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .7250484   .2301187     3.15   0.002     .2701746    1.179922
                  |
percent_publ_toas |
              L1. |    .004883   .0465974     0.10   0.917    -.0872257    .0969917
                  |
 log_indMean_toas |
              L1. |   .0228879   .0088157     2.60   0.010     .0054619    .0403138
                  |
    log_num_firms |
              L1. |    .043486   .0157398     2.76   0.006     .0123733    .0745987
                  |
    indMeanRw_roa |
              L1. |   .1890687   .1811595     1.04   0.298    -.1690278    .5471652
                  |
      indSdRw_roa |
              L1. |   .0175478   .1765604     0.10   0.921    -.3314578    .3665533
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        78           0          78     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_age_disp==1 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(dropped 1 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,933
Absorbing 2 HDFE groups                           F(   6,    143) =       7.47
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5351
                                                  Adj R-squared   =     0.5126
                                                  Within R-sq.    =     0.0106
Number of clusters (country_year) =        144    Root MSE        =     3.5533

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   3.730806   1.325652     2.81   0.006       1.1104    6.351212
                  |
percent_publ_toas |
              L1. |   .1485515   .2822789     0.53   0.600    -.4094271    .7065301
                  |
 log_indMean_toas |
              L1. |   .1642748   .0562967     2.92   0.004     .0529936     .275556
                  |
    log_num_firms |
              L1. |   .4033344   .0833969     4.84   0.000     .2384845    .5681843
                  |
    indMeanRw_roa |
              L1. |   .2587197   1.240386     0.21   0.835    -2.193141     2.71058
                  |
      indSdRw_roa |
              L1. |   -.104816   1.221587    -0.09   0.932    -2.519517    2.309885
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        78           0          78     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. eststo: reghdfe logIndNum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_age_disp==2 , absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,152
Absorbing 2 HDFE groups                           F(   6,    142) =      20.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7260
                                                  Adj R-squared   =     0.7133
                                                  Within R-sq.    =     0.0333
Number of clusters (country_year) =        143    Root MSE        =     0.5348

                              (Std. err. adjusted for 143 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .2525639   .1545461     1.63   0.104    -.0529446    .5580724
                  |
percent_publ_toas |
              L1. |  -.0736701   .0379764    -1.94   0.054    -.1487423    .0014021
                  |
 log_indMean_toas |
              L1. |   .0495024   .0076498     6.47   0.000     .0343802    .0646247
                  |
    log_num_firms |
              L1. |   .1466868   .0182553     8.04   0.000     .1105996    .1827741
                  |
    indMeanRw_roa |
              L1. |  -.0271214   .2023977    -0.13   0.894    -.4272233    .3729805
                  |
      indSdRw_roa |
              L1. |   -.007368   .2239068    -0.03   0.974    -.4499894    .4352533
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       143         143           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if high_age_disp==2, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,152
Absorbing 2 HDFE groups                           F(   6,    142) =      18.65
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5346
                                                  Adj R-squared   =     0.5131
                                                  Within R-sq.    =     0.0232
Number of clusters (country_year) =        143    Root MSE        =     3.8279

                              (Std. err. adjusted for 143 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   1.572903   1.221631     1.29   0.200    -.8420296    3.987836
                  |
percent_publ_toas |
              L1. |  -.3108707   .2973195    -1.05   0.298    -.8986151    .2768738
                  |
 log_indMean_toas |
              L1. |   .3317389    .053857     6.16   0.000     .2252737     .438204
                  |
    log_num_firms |
              L1. |    .830113   .0987603     8.41   0.000     .6348825    1.025344
                  |
    indMeanRw_roa |
              L1. |   1.122283   1.393034     0.81   0.422    -1.631481    3.876048
                  |
      indSdRw_roa |
              L1. |   .9619591   1.580407     0.61   0.544    -2.162206    4.086124
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       143         143           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
--------------------------------------------------------------------------------------------------------------------------------------------
L.scope             0.457**         2.593*          0.158           0.907           0.725***        3.731***        0.253           1.573   
                   (2.09)          (1.93)          (1.09)          (0.80)          (3.15)          (2.81)          (1.63)          (1.29)   

L.percent_~s       -0.019           0.141           0.023          -0.181           0.005           0.149          -0.074*         -0.311   
                  (-0.35)          (0.47)          (0.61)         (-0.65)          (0.10)          (0.53)         (-1.94)         (-1.05)   

L.log_indM~s        0.034***        0.228***        0.035***        0.251***        0.023**         0.164***        0.050***        0.332***
                   (2.85)          (2.93)          (3.46)          (3.94)          (2.60)          (2.92)          (6.47)          (6.16)   

L.log_num_~s        0.052***        0.371***        0.104***        0.627***        0.043***        0.403***        0.147***        0.830***
                   (3.20)          (4.62)          (6.62)          (6.92)          (2.76)          (4.84)          (8.04)          (8.41)   

L.indMeanR~a        0.364**         1.053          -0.002           0.165           0.189           0.259          -0.027           1.122   
                   (2.06)          (0.97)         (-0.01)          (0.11)          (1.04)          (0.21)         (-0.13)          (0.81)   

L.indSdRw_~a       -0.041          -0.518          -0.097          -0.574           0.018          -0.105          -0.007           0.962   
                  (-0.20)         (-0.43)         (-0.41)         (-0.41)          (0.10)         (-0.09)         (-0.03)          (0.61)   
--------------------------------------------------------------------------------------------------------------------------------------------
N                    4753            4753            5328            5328            4933            4933            5152            5152   
adj. R-sq           0.610           0.458           0.745           0.526           0.707           0.513           0.713           0.513   
--------------------------------------------------------------------------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table9.csv",  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table9.csv)

. eststo clear

. 
. **# Table 10 
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. eststo: reghdfe logIndNum_t_priv_fd l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =       7.29
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4675
                                                  Adj R-squared   =     0.4553
                                                  Within R-sq.    =     0.0047
Number of clusters (country_year) =        144    Root MSE        =     0.3785

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndNum_t_p~_fd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .2038739   .0781163     2.61   0.010     .0494619    .3582858
                  |
percent_publ_toas |
              L1. |  -.0382604   .0201607    -1.90   0.060     -.078112    .0015911
                  |
 log_indMean_toas |
              L1. |   .0168957    .003887     4.35   0.000     .0092122    .0245792
                  |
    log_num_firms |
              L1. |   .0233229   .0077709     3.00   0.003     .0079622    .0386836
                  |
    indMeanRw_roa |
              L1. |  -.0178329     .08023    -0.22   0.824    -.1764229    .1407571
                  |
      indSdRw_roa |
              L1. |   .0140469   .0972795     0.14   0.885    -.1782447    .2063385
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv_fd l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =       8.54
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3375
                                                  Adj R-squared   =     0.3223
                                                  Within R-sq.    =     0.0047
Number of clusters (country_year) =        144    Root MSE        =     3.3744

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndSum_t_p~_fd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.189612   .9593973     2.28   0.024     .2931788    4.086045
                  |
percent_publ_toas |
              L1. |  -.5381946   .1772056    -3.04   0.003    -.8884754   -.1879138
                  |
 log_indMean_toas |
              L1. |    .140045    .035665     3.93   0.000     .0695463    .2105437
                  |
    log_num_firms |
              L1. |   .1658559   .0568682     2.92   0.004      .053445    .2782669
                  |
    indMeanRw_roa |
              L1. |  -.0587929   .6631075    -0.09   0.929    -1.369552    1.251967
                  |
      indSdRw_roa |
              L1. |   -1.20989   .6796161    -1.78   0.077    -2.553282    .1335016
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv_nonfd l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      17.15
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6943
                                                  Adj R-squared   =     0.6873
                                                  Within R-sq.    =     0.0122
Number of clusters (country_year) =        144    Root MSE        =     0.5394

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndNum_t_p~nfd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3100036   .0980711     3.16   0.002     .1161472    .5038601
                  |
percent_publ_toas |
              L1. |   -.040396   .0318223    -1.27   0.206    -.1032989    .0225068
                  |
 log_indMean_toas |
              L1. |   .0199807   .0057947     3.45   0.001     .0085265     .031435
                  |
    log_num_firms |
              L1. |   .0755355   .0122574     6.16   0.000     .0513064    .0997645
                  |
    indMeanRw_roa |
              L1. |   .0579529   .1209962     0.48   0.633    -.1812193    .2971251
                  |
      indSdRw_roa |
              L1. |  -.2769692   .1379998    -2.01   0.047    -.5497523   -.0041861
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv_nonfd l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      19.38
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5298
                                                  Adj R-squared   =     0.5190
                                                  Within R-sq.    =     0.0113
Number of clusters (country_year) =        144    Root MSE        =     3.4774

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndSum_t_p~nfd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   1.688923   .5656858     2.99   0.003     .5707363     2.80711
                  |
percent_publ_toas |
              L1. |   .0992092   .1881937     0.53   0.599    -.2727919    .4712103
                  |
 log_indMean_toas |
              L1. |   .1368305   .0337585     4.05   0.000     .0701004    .2035606
                  |
    log_num_firms |
              L1. |   .4577105   .0543585     8.42   0.000     .3502604    .5651606
                  |
    indMeanRw_roa |
              L1. |  -.2911882   .7672058    -0.38   0.705    -1.807718    1.225342
                  |
      indSdRw_roa |
              L1. |  -1.236808   .9038771    -1.37   0.173    -3.023494     .549879
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNu~_fd    logIndSu~_fd    logIndNu~nfd    logIndSu~nfd   
----------------------------------------------------------------------------
L.scope             0.204*          2.190*          0.310**         1.689** 
                   (2.61)          (2.28)          (3.16)          (2.99)   

L.percent_~s      -0.0383          -0.538**       -0.0404          0.0992   
                  (-1.90)         (-3.04)         (-1.27)          (0.53)   

L.log_indM~s       0.0169***        0.140***       0.0200***        0.137***
                   (4.35)          (3.93)          (3.45)          (4.05)   

L.log_num_~s       0.0233**         0.166**        0.0755***        0.458***
                   (3.00)          (2.92)          (6.16)          (8.42)   

L.indMeanR~a      -0.0178         -0.0588          0.0580          -0.291   
                  (-0.22)         (-0.09)          (0.48)         (-0.38)   

L.indSdRw_~a       0.0140          -1.210          -0.277*         -1.237   
                   (0.14)         (-1.78)         (-2.01)         (-1.37)   
----------------------------------------------------------------------------
N                   10185           10185           10185           10185   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

. esttab using "Table10.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table10.csv)

. eststo clear

. 
. **# Table 11 
. use "${path_dir}/data/Zephyr_with_public_deals.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. eststo: reghdfe logIndNum_t_publ l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =       3.99
Statistics robust to heteroskedasticity           Prob > F        =     0.0010
                                                  R-squared       =     0.2100
                                                  Adj R-squared   =     0.1918
                                                  Within R-sq.    =     0.0033
Number of clusters (country_year) =        144    Root MSE        =     0.2144

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.0426817   .0225892    -1.89   0.061    -.0873335    .0019701
                  |
percent_publ_toas |
              L1. |  -.0131871   .0097612    -1.35   0.179     -.032482    .0061077
                  |
 log_indMean_toas |
              L1. |    .001046   .0017892     0.58   0.560    -.0024907    .0045827
                  |
    log_num_firms |
              L1. |   .0159262   .0036259     4.39   0.000     .0087589    .0230935
                  |
    indMeanRw_roa |
              L1. |  -.1043106   .0408392    -2.55   0.012    -.1850371   -.0235842
                  |
      indSdRw_roa |
              L1. |  -.0059177   .0350997    -0.17   0.866     -.075299    .0634636
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_publ l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,054
Absorbing 2 HDFE groups                           F(   6,    143) =       3.22
Statistics robust to heteroskedasticity           Prob > F        =     0.0053
                                                  R-squared       =     0.1543
                                                  Adj R-squared   =     0.1346
                                                  Within R-sq.    =     0.0024
Number of clusters (country_year) =        144    Root MSE        =     2.2285

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .0345684   .3928598     0.09   0.930    -.7419946    .8111313
                  |
percent_publ_toas |
              L1. |   .0327974   .1091458     0.30   0.764    -.1829503    .2485451
                  |
 log_indMean_toas |
              L1. |  -.0032589   .0207104    -0.16   0.875    -.0441971    .0376792
                  |
    log_num_firms |
              L1. |   .1504333   .0371855     4.05   0.000     .0769289    .2239377
                  |
    indMeanRw_roa |
              L1. |   -.999863   .3577536    -2.79   0.006    -1.707032   -.2926942
                  |
      indSdRw_roa |
              L1. |   .1182358   .4198993     0.28   0.779    -.7117759    .9482474
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_publ l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if percent_publ<=.0257226, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant
(dropped 17 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,902
Absorbing 2 HDFE groups                           F(   6,    107) =       3.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0050
                                                  R-squared       =     0.2189
                                                  Adj R-squared   =     0.1871
                                                  Within R-sq.    =     0.0047
Number of clusters (country_year) =        108    Root MSE        =     0.2160

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .1010763   .0504559     2.00   0.048     .0010533    .2010993
                  |
percent_publ_toas |
              L1. |    .010278   .0223843     0.46   0.647    -.0340962    .0546522
                  |
 log_indMean_toas |
              L1. |  -.0027145   .0034208    -0.79   0.429    -.0094959    .0040669
                  |
    log_num_firms |
              L1. |   .0211584   .0057402     3.69   0.000      .009779    .0325377
                  |
    indMeanRw_roa |
              L1. |   .0294689   .0682737     0.43   0.667    -.1058757    .1648135
                  |
      indSdRw_roa |
              L1. |    -.05506    .048893    -1.13   0.263    -.1519847    .0418648
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_publ l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if percent_publ<=.0257226, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant
(dropped 17 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      4,792
Absorbing 2 HDFE groups                           F(   6,    107) =       2.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0167
                                                  R-squared       =     0.1672
                                                  Adj R-squared   =     0.1325
                                                  Within R-sq.    =     0.0035
Number of clusters (country_year) =        108    Root MSE        =     2.4070

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   1.207994   .6343959     1.90   0.060     -.049622     2.46561
                  |
percent_publ_toas |
              L1. |   .4964293    .266694     1.86   0.065    -.0322606    1.025119
                  |
 log_indMean_toas |
              L1. |  -.0043755   .0412691    -0.11   0.916    -.0861866    .0774357
                  |
    log_num_firms |
              L1. |   .1746788   .0637013     2.74   0.007     .0483984    .3009592
                  |
    indMeanRw_roa |
              L1. |   .2614038   .6068236     0.43   0.667    -.9415533    1.464361
                  |
      indSdRw_roa |
              L1. |  -.2658846   .5510383    -0.48   0.630    -1.358254    .8264846
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        79           0          79     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. eststo: reghdfe logIndNum_t_publ l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if percent_publ>.0257226, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant
(dropped 2 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,264
Absorbing 2 HDFE groups                           F(   6,    141) =       3.47
Statistics robust to heteroskedasticity           Prob > F        =     0.0032
                                                  R-squared       =     0.2777
                                                  Adj R-squared   =     0.2452
                                                  Within R-sq.    =     0.0034
Number of clusters (country_year) =        142    Root MSE        =     0.2066

                              (Std. err. adjusted for 142 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.1424419   .0631471    -2.26   0.026    -.2672794   -.0176044
                  |
percent_publ_toas |
              L1. |  -.0282706   .0110408    -2.56   0.012    -.0500974   -.0064437
                  |
 log_indMean_toas |
              L1. |   .0045894    .002603     1.76   0.080    -.0005565    .0097353
                  |
    log_num_firms |
              L1. |   .0109986   .0037603     2.92   0.004     .0035648    .0184323
                  |
    indMeanRw_roa |
              L1. |  -.1845349   .0620018    -2.98   0.003    -.3071082   -.0619615
                  |
      indSdRw_roa |
              L1. |   .0111006   .0653971     0.17   0.865     -.118185    .1403863
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       142         142           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe logIndSum_t_publ  l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if percent_publ>.0257226, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant
(dropped 4 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      5,241
Absorbing 2 HDFE groups                           F(   6,    139) =       2.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0457
                                                  R-squared       =     0.2197
                                                  Adj R-squared   =     0.1847
                                                  Within R-sq.    =     0.0022
Number of clusters (country_year) =        140    Root MSE        =     1.9958

                              (Std. err. adjusted for 140 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_publ | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |  -.7597091   .7779009    -0.98   0.330    -2.297757    .7783393
                  |
percent_publ_toas |
              L1. |  -.1672331   .1019191    -1.64   0.103    -.3687452     .034279
                  |
 log_indMean_toas |
              L1. |   .0130649   .0248396     0.53   0.600    -.0360475    .0621772
                  |
    log_num_firms |
              L1. |   .0835243   .0490237     1.70   0.091    -.0134043     .180453
                  |
    indMeanRw_roa |
              L1. |  -2.033055   .6769542    -3.00   0.003    -3.371514   -.6945965
                  |
      indSdRw_roa |
              L1. |  -.6236982   .6381967    -0.98   0.330    -1.885527    .6381301
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       140         140           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. esttab ,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
             logIndNum~bl    logIndSum~bl    logIndNum~bl    logIndSum~bl    logIndNum~bl    logIndSum~bl   
------------------------------------------------------------------------------------------------------------
L.scope            -0.043*          0.035           0.101**         1.208*         -0.142**        -0.760   
                  (-1.89)          (0.09)          (2.00)          (1.90)         (-2.26)         (-0.98)   

L.pe~bl_toas       -0.013           0.033           0.010           0.496*         -0.028**        -0.167   
                  (-1.35)          (0.30)          (0.46)          (1.86)         (-2.56)         (-1.64)   

L.log_indM~s        0.001          -0.003          -0.003          -0.004           0.005*          0.013   
                   (0.58)         (-0.16)         (-0.79)         (-0.11)          (1.76)          (0.53)   

L.log_num_~s        0.016***        0.150***        0.021***        0.175***        0.011***        0.084*  
                   (4.39)          (4.05)          (3.69)          (2.74)          (2.92)          (1.70)   

L.indMeanR~a       -0.104**        -1.000***        0.029           0.261          -0.185***       -2.033***
                  (-2.55)         (-2.79)          (0.43)          (0.43)         (-2.98)         (-3.00)   

L.indSdRw_~a       -0.006           0.118          -0.055          -0.266           0.011          -0.624   
                  (-0.17)          (0.28)         (-1.13)         (-0.48)          (0.17)         (-0.98)   
------------------------------------------------------------------------------------------------------------
N                   10185           10054            4902            4792            5264            5241   
adj. R-sq           0.192           0.135           0.187           0.132           0.245           0.185   
------------------------------------------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table_11.csv",  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table_11.csv)

. eststo clear

. 
. **# Table 12
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. eststo: reghdfe logIndNum_t_priv l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      18.74
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7112
                                                  Adj R-squared   =     0.7045
                                                  Within R-sq.    =     0.0157
Number of clusters (country_year) =        144    Root MSE        =     0.5491

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .7517755   .2213421     3.40   0.001     .3142502    1.189301
                  |
cL.scope#cL.scope |  -.6496598     .28538    -2.28   0.024    -1.213768   -.0855514
                  |
percent_publ_toas |
              L1. |  -.0305854   .0315653    -0.97   0.334    -.0929802    .0318095
                  |
 log_indMean_toas |
              L1. |   .0270376   .0057308     4.72   0.000     .0157096    .0383655
                  |
    log_num_firms |
              L1. |   .0822906   .0129361     6.36   0.000     .0567199    .1078613
                  |
    indMeanRw_roa |
              L1. |   .0339095   .1309408     0.26   0.796    -.2249202    .2927392
                  |
      indSdRw_roa |
              L1. |  -.1338287   .1396899    -0.96   0.340    -.4099526    .1422952
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      25.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5321
                                                  Adj R-squared   =     0.5213
                                                  Within R-sq.    =     0.0159
Number of clusters (country_year) =        144    Root MSE        =     3.7014

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   6.776774   1.251211     5.42   0.000     4.303514    9.250033
                  |
cL.scope#cL.scope |  -7.651312   1.542391    -4.96   0.000    -10.70014   -4.602481
                  |
percent_publ_toas |
              L1. |   .0006477   .2001633     0.00   0.997    -.3950136    .3963089
                  |
 log_indMean_toas |
              L1. |   .1849683   .0381138     4.85   0.000     .1096291    .2603074
                  |
    log_num_firms |
              L1. |    .518654   .0600343     8.64   0.000     .3999847    .6373234
                  |
    indMeanRw_roa |
              L1. |  -.0900988   .8890764    -0.10   0.919    -1.847529    1.667331
                  |
      indSdRw_roa |
              L1. |  -.7253751   .9254938    -0.78   0.434    -2.554792    1.104041
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv_fd l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =       7.81
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4679
                                                  Adj R-squared   =     0.4556
                                                  Within R-sq.    =     0.0054
Number of clusters (country_year) =        144    Root MSE        =     0.3784

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndNum_t_p~_fd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .5182947   .1610868     3.22   0.002     .1998757    .8367136
                  |
cL.scope#cL.scope |   -.506449   .1614855    -3.14   0.002    -.8256561   -.1872419
                  |
percent_publ_toas |
              L1. |  -.0370923   .0201115    -1.84   0.067    -.0768466     .002662
                  |
 log_indMean_toas |
              L1. |   .0157197   .0040243     3.91   0.000     .0077649    .0236746
                  |
    log_num_firms |
              L1. |   .0226175   .0077283     2.93   0.004     .0073411     .037894
                  |
    indMeanRw_roa |
              L1. |   -.018377   .0800776    -0.23   0.819    -.1766658    .1399118
                  |
      indSdRw_roa |
              L1. |   .0206672   .0962938     0.21   0.830    -.1696761    .2110105
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv_fd l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =       9.81
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3388
                                                  Adj R-squared   =     0.3235
                                                  Within R-sq.    =     0.0066
Number of clusters (country_year) =        144    Root MSE        =     3.3714

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndSum_t_p~_fd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   6.987897   1.824872     3.83   0.000     3.380687    10.59511
                  |
cL.scope#cL.scope |  -7.728774   1.734026    -4.46   0.000    -11.15641   -4.301138
                  |
percent_publ_toas |
              L1. |  -.5203683   .1759085    -2.96   0.004    -.8680854   -.1726513
                  |
 log_indMean_toas |
              L1. |   .1220989   .0361364     3.38   0.001     .0506683    .1935295
                  |
    log_num_firms |
              L1. |   .1550918   .0557331     2.78   0.006     .0449245     .265259
                  |
    indMeanRw_roa |
              L1. |  -.0670964   .6589794    -0.10   0.919    -1.369696    1.235503
                  |
      indSdRw_roa |
              L1. |  -1.108859   .6772016    -1.64   0.104    -2.447478    .2297597
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. eststo: reghdfe logIndNum_t_priv_nonfd l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      15.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6944
                                                  Adj R-squared   =     0.6874
                                                  Within R-sq.    =     0.0125
Number of clusters (country_year) =        144    Root MSE        =     0.5393

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndNum_t_p~nfd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .6321474   .2252245     2.81   0.006     .1869478    1.077347
                  |
cL.scope#cL.scope |  -.5188887    .283909    -1.83   0.070    -1.080089    .0423121
                  |
percent_publ_toas |
              L1. |  -.0391992   .0319365    -1.23   0.222    -.1023278    .0239293
                  |
 log_indMean_toas |
              L1. |   .0187759    .005891     3.19   0.002     .0071312    .0304206
                  |
    log_num_firms |
              L1. |   .0748128   .0122843     6.09   0.000     .0505306     .099095
                  |
    indMeanRw_roa |
              L1. |   .0573954   .1213066     0.47   0.637    -.1823904    .2971813
                  |
      indSdRw_roa |
              L1. |  -.2701862   .1370569    -1.97   0.051    -.5411056    .0007331
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe logIndSum_t_priv_nonfd l.scope c.l.scope#c.l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      18.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5303
                                                  Adj R-squared   =     0.5194
                                                  Within R-sq.    =     0.0124
Number of clusters (country_year) =        144    Root MSE        =     3.4758

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
logIndSum_t_p~nfd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   5.400782   1.180895     4.57   0.000     3.066517    7.735047
                  |
cL.scope#cL.scope |  -5.978827   1.633716    -3.66   0.000     -9.20818   -2.749473
                  |
percent_publ_toas |
              L1. |   .1129992    .187905     0.60   0.549    -.2584312    .4844296
                  |
 log_indMean_toas |
              L1. |   .1229478   .0339233     3.62   0.000     .0558918    .1900037
                  |
    log_num_firms |
              L1. |   .4493836    .054073     8.31   0.000     .3424979    .5562692
                  |
    indMeanRw_roa |
              L1. |  -.2976116   .7662081    -0.39   0.698    -1.812169    1.216946
                  |
      indSdRw_roa |
              L1. |  -1.158652     .90306    -1.28   0.202    -2.943724    .6264195
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. esttab ,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
             logIndNum_~v    logIndSum_~v    logIndNu~_fd    logIndSu~_fd    logIndNu~nfd    logIndSu~nfd   
------------------------------------------------------------------------------------------------------------
L.scope             0.752***        6.777***        0.518***        6.988***        0.632***        5.401***
                   (3.40)          (5.42)          (3.22)          (3.83)          (2.81)          (4.57)   

cL.scope#c~e       -0.650**        -7.651***       -0.506***       -7.729***       -0.519*         -5.979***
                  (-2.28)         (-4.96)         (-3.14)         (-4.46)         (-1.83)         (-3.66)   

L.percent_~s       -0.031           0.001          -0.037*         -0.520***       -0.039           0.113   
                  (-0.97)          (0.00)         (-1.84)         (-2.96)         (-1.23)          (0.60)   

L.log_indM~s        0.027***        0.185***        0.016***        0.122***        0.019***        0.123***
                   (4.72)          (4.85)          (3.91)          (3.38)          (3.19)          (3.62)   

L.log_num_~s        0.082***        0.519***        0.023***        0.155***        0.075***        0.449***
                   (6.36)          (8.64)          (2.93)          (2.78)          (6.09)          (8.31)   

L.indMeanR~a        0.034          -0.090          -0.018          -0.067           0.057          -0.298   
                   (0.26)         (-0.10)         (-0.23)         (-0.10)          (0.47)         (-0.39)   

L.indSdRw_~a       -0.134          -0.725           0.021          -1.109          -0.270*         -1.159   
                  (-0.96)         (-0.78)          (0.21)         (-1.64)         (-1.97)         (-1.28)   
------------------------------------------------------------------------------------------------------------
N                   10185           10185           10185           10185           10185           10185   
adj. R-sq           0.705           0.521           0.456           0.324           0.687           0.519   
------------------------------------------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table_12.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table_12.csv)

. eststo clear

.  
. **# Table 13
. use "${path_dir}/data/around_threshold.dta",clear

. eststo: reghdfe dummy_deal fulldisclosure log_toas ,absorb(country_year bvid2) cl(country_year)
(dropped 202874 singleton observations)
(MWFE estimator converged in 22 iterations)

HDFE Linear regression                            Number of obs   =    568,423
Absorbing 2 HDFE groups                           F(   2,    152) =       3.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0411
                                                  R-squared       =     0.3750
                                                  Adj R-squared   =     0.0377
                                                  Within R-sq.    =     0.0000
Number of clusters (country_year) =        153    Root MSE        =     0.0248

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0007089   .0003213     2.21   0.029      .000074    .0013437
      log_toas |  -.0013639   .0007527    -1.81   0.072    -.0028511    .0001234
         _cons |   .0200812   .0107614     1.87   0.064      -.00118    .0413423
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       153         153           0    *|
        bvid2 |    199116           0      199116     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe dummy_deal fulldisclosure scope log_toas ,absorb(country_year bvid2) cl(country_year)
(dropped 202874 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =    568,423
Absorbing 2 HDFE groups                           F(   3,    152) =       3.47
Statistics robust to heteroskedasticity           Prob > F        =     0.0178
                                                  R-squared       =     0.3750
                                                  Adj R-squared   =     0.0377
                                                  Within R-sq.    =     0.0001
Number of clusters (country_year) =        153    Root MSE        =     0.0248

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0006803   .0003177     2.14   0.034     .0000526    .0013081
         scope |   .0057439   .0021743     2.64   0.009     .0014481    .0100397
      log_toas |  -.0013517   .0007517    -1.80   0.074    -.0028369    .0001334
         _cons |   .0195718   .0107331     1.82   0.070    -.0016336    .0407772
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       153         153           0    *|
        bvid2 |    199116           0      199116     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe dummy_deal fulldisclosure log_toas ,absorb(country_year sic_2d_2#year bvid2) cl(country_year)
(dropped 202922 singleton observations)
(MWFE estimator converged in 33 iterations)

HDFE Linear regression                            Number of obs   =    568,375
Absorbing 3 HDFE groups                           F(   2,    152) =       2.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0734
                                                  R-squared       =     0.3779
                                                  Adj R-squared   =     0.0396
                                                  Within R-sq.    =     0.0000
Number of clusters (country_year) =        153    Root MSE        =     0.0248

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0006292   .0003182     1.98   0.050     5.24e-07    .0012578
      log_toas |  -.0012383   .0007564    -1.64   0.104    -.0027327     .000256
         _cons |   .0182933   .0108136     1.69   0.093     -.003071    .0396577
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    country_year |       153         153           0    *|
   sic_2d_2#year |       961           0         961     |
           bvid2 |    199103           2      199101     |
---------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe dummy_deal fulldisclosure scope log_toas ,absorb(country_year sic_2d_2#year bvid2) cl(country_year)
(dropped 202922 singleton observations)
(MWFE estimator converged in 36 iterations)

HDFE Linear regression                            Number of obs   =    568,375
Absorbing 3 HDFE groups                           F(   3,    152) =       2.20
Statistics robust to heteroskedasticity           Prob > F        =     0.0901
                                                  R-squared       =     0.3779
                                                  Adj R-squared   =     0.0396
                                                  Within R-sq.    =     0.0000
Number of clusters (country_year) =        153    Root MSE        =     0.0248

                           (Std. err. adjusted for 153 clusters in country_year)
--------------------------------------------------------------------------------
               |               Robust
    dummy_deal | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
fulldisclosure |   .0006226    .000318     1.96   0.052    -5.57e-06    .0012509
         scope |   .0038504   .0030881     1.25   0.214    -.0022508    .0099516
      log_toas |  -.0012381    .000756    -1.64   0.104    -.0027317    .0002555
         _cons |   .0180634   .0108041     1.67   0.097    -.0032821    .0394089
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    country_year |       153         153           0    *|
   sic_2d_2#year |       961           0         961     |
           bvid2 |    199103           2      199101     |
---------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab ,   ar2 b(4) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
               dummy_deal      dummy_deal      dummy_deal      dummy_deal   
----------------------------------------------------------------------------
fulldisclo~e       0.0007**        0.0007**        0.0006**        0.0006*  
                   (2.21)          (2.14)          (1.98)          (1.96)   

log_toas          -0.0014*        -0.0014*        -0.0012         -0.0012   
                  (-1.81)         (-1.80)         (-1.64)         (-1.64)   

scope                              0.0057***                       0.0039   
                                   (2.64)                          (1.25)   

_cons              0.0201*         0.0196*         0.0183*         0.0181*  
                   (1.87)          (1.82)          (1.69)          (1.67)   
----------------------------------------------------------------------------
N                  568423          568423          568375          568375   
adj. R-sq           0.038           0.038           0.040           0.040   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table_13.csv",   replace ar2 b(4) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table_13.csv)

. eststo clear

. 
. **# Table 14 
. use "${path_dir}/data/5_panel data merged-2d_extended.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. gen control_after_scope=control_after*l.scope 
(7,852 missing values generated)

. gen control_after_disc=control_after*fulldisclosure
(13,872 missing values generated)

. gen triple_interaction=control_after*l.scope*fulldisclosure
(19,564 missing values generated)

. eststo: reghdfe lnassets control_after if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 17 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     47,729
Absorbing 2 HDFE groups                           F(   1,   6231) =      16.46
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.9368
                                                  Adj R-squared   =     0.9273
                                                  Within R-sq.    =     0.0005
Number of clusters (panel_id) =      6,232        Root MSE        =     1.2385

                            (Std. err. adjusted for 6,232 clusters in panel_id)
-------------------------------------------------------------------------------
              |               Robust
     lnassets | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
control_after |   .0945245   .0232961     4.06   0.000     .0488562    .1401929
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      6232        6232           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe lnassets control_after control_after_scope if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 61 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     40,008
Absorbing 2 HDFE groups                           F(   2,   6161) =      25.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9494
                                                  Adj R-squared   =     0.9402
                                                  Within R-sq.    =     0.0018
Number of clusters (panel_id) =      6,162        Root MSE        =     1.1178

                                  (Std. err. adjusted for 6,162 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
           lnassets | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |   .1106103   .0291997     3.79   0.000     .0533687    .1678518
control_after_scope |   .5221871    .160375     3.26   0.001     .2077962    .8365781
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      6162        6162           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe lnassets control_after control_after_disc if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 53 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     34,510
Absorbing 2 HDFE groups                           F(   2,   4567) =     108.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9513
                                                  Adj R-squared   =     0.9439
                                                  Within R-sq.    =     0.0111
Number of clusters (panel_id) =      4,568        Root MSE        =     1.1221

                                 (Std. err. adjusted for 4,568 clusters in panel_id)
------------------------------------------------------------------------------------
                   |               Robust
          lnassets | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
     control_after |  -.0096235   .0272054    -0.35   0.724    -.0629592    .0437121
control_after_disc |   .4778913   .0345647    13.83   0.000     .4101278    .5456547
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      4568        4568           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe lnassets control_after control_after_scope control_after_disc triple_interaction if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 55 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     28,879
Absorbing 2 HDFE groups                           F(   4,   4505) =      65.96
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9602
                                                  Adj R-squared   =     0.9528
                                                  Within R-sq.    =     0.0142
Number of clusters (panel_id) =      4,506        Root MSE        =     1.0284

                                  (Std. err. adjusted for 4,506 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
           lnassets | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |   .0194187   .0364338     0.53   0.594    -.0520095    .0908468
control_after_scope |   .1820654   .5332401     0.34   0.733     -.863347    1.227478
 control_after_disc |   .5545503     .04412    12.57   0.000     .4680535    .6410471
 triple_interaction |   -1.31105   .5128517    -2.56   0.011    -2.316491   -.3056086
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      4506        4506           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. eststo: reghdfe leverage control_after if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 153 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     40,728
Absorbing 2 HDFE groups                           F(   1,   5923) =      42.94
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6831
                                                  Adj R-squared   =     0.6290
                                                  Within R-sq.    =     0.0019
Number of clusters (panel_id) =      5,924        Root MSE        =     0.1773

                            (Std. err. adjusted for 5,924 clusters in panel_id)
-------------------------------------------------------------------------------
              |               Robust
     leverage | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
control_after |  -.0253427   .0038674    -6.55   0.000    -.0329242   -.0177612
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      5924        5924           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe leverage control_after control_after_scope if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 241 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     33,952
Absorbing 2 HDFE groups                           F(   2,   5738) =       9.36
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.7224
                                                  Adj R-squared   =     0.6657
                                                  Within R-sq.    =     0.0012
Number of clusters (panel_id) =      5,739        Root MSE        =     0.1688

                                  (Std. err. adjusted for 5,739 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
           leverage | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |  -.0209526   .0048468    -4.32   0.000    -.0304541    -.011451
control_after_scope |   .0576841    .030895     1.87   0.062    -.0028818      .11825
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      5739        5739           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. eststo: reghdfe leverage control_after control_after_disc if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 155 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     28,914
Absorbing 2 HDFE groups                           F(   2,   4326) =      69.92
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6737
                                                  Adj R-squared   =     0.6161
                                                  Within R-sq.    =     0.0118
Number of clusters (panel_id) =      4,327        Root MSE        =     0.1782

                                 (Std. err. adjusted for 4,327 clusters in panel_id)
------------------------------------------------------------------------------------
                   |               Robust
          leverage | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
     control_after |  -.0460838    .005084    -9.06   0.000    -.0560511   -.0361165
control_after_disc |   .0722727   .0067572    10.70   0.000     .0590251    .0855203
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      4327        4327           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. eststo: reghdfe leverage control_after control_after_scope control_after_disc triple_interaction if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 196 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     24,034
Absorbing 2 HDFE groups                           F(   4,   4177) =      26.62
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7152
                                                  Adj R-squared   =     0.6550
                                                  Within R-sq.    =     0.0107
Number of clusters (panel_id) =      4,178        Root MSE        =     0.1695

                                  (Std. err. adjusted for 4,178 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
           leverage | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |  -.0387067    .006891    -5.62   0.000    -.0522167   -.0251967
control_after_scope |   .0224626   .1060025     0.21   0.832    -.1853587    .2302839
 control_after_disc |    .068513   .0094691     7.24   0.000     .0499484    .0870775
 triple_interaction |  -.0094259   .1175411    -0.08   0.936    -.2398691    .2210173
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      4178        4178           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. eststo: reghdfe roa control_after if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 339 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     25,240
Absorbing 2 HDFE groups                           F(   1,   4244) =      18.72
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5454
                                                  Adj R-squared   =     0.4531
                                                  Within R-sq.    =     0.0013
Number of clusters (panel_id) =      4,245        Root MSE        =     0.1572

                            (Std. err. adjusted for 4,245 clusters in panel_id)
-------------------------------------------------------------------------------
              |               Robust
          roa | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
control_after |  -.0185439   .0042859    -4.33   0.000    -.0269464   -.0101413
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      4245        4245           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. eststo: reghdfe roa control_after control_after_scope if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 345 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     24,612
Absorbing 2 HDFE groups                           F(   2,   4221) =      10.40
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5524
                                                  Adj R-squared   =     0.4594
                                                  Within R-sq.    =     0.0014
Number of clusters (panel_id) =      4,222        Root MSE        =     0.1561

                                  (Std. err. adjusted for 4,222 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
                roa | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |  -.0173965   .0050038    -3.48   0.001    -.0272066   -.0075864
control_after_scope |  -.0165871   .0231749    -0.72   0.474    -.0620222    .0288479
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      4222        4222           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. eststo: reghdfe roa control_after control_after_disc if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 294 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     16,239
Absorbing 2 HDFE groups                           F(   2,   2850) =      14.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5360
                                                  Adj R-squared   =     0.4366
                                                  Within R-sq.    =     0.0037
Number of clusters (panel_id) =      2,851        Root MSE        =     0.1680

                                 (Std. err. adjusted for 2,851 clusters in panel_id)
------------------------------------------------------------------------------------
                   |               Robust
               roa | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
     control_after |  -.0286032   .0066775    -4.28   0.000    -.0416963     -.01551
control_after_disc |   .0343349   .0067595     5.08   0.000      .021081    .0475888
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      2851        2851           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est11 stored)

. eststo: reghdfe roa control_after control_after_scope control_after_disc triple_interaction if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 295 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     15,712
Absorbing 2 HDFE groups                           F(   4,   2836) =       7.43
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5447
                                                  Adj R-squared   =     0.4437
                                                  Within R-sq.    =     0.0039
Number of clusters (panel_id) =      2,837        Root MSE        =     0.1668

                                  (Std. err. adjusted for 2,837 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
                roa | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |  -.0298502   .0085252    -3.50   0.000    -.0465664   -.0131339
control_after_scope |   .0216389   .0900422     0.24   0.810    -.1549159    .1981938
 control_after_disc |   .0411735   .0094316     4.37   0.000     .0226799     .059667
 triple_interaction |  -.1177391   .1021643    -1.15   0.249    -.3180628    .0825847
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      2837        2837           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est12 stored)

. eststo: reghdfe cash_ratio control_after if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 104 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     42,432
Absorbing 2 HDFE groups                           F(   1,   6006) =       0.03
Statistics robust to heteroskedasticity           Prob > F        =     0.8643
                                                  R-squared       =     0.6314
                                                  Adj R-squared   =     0.5704
                                                  Within R-sq.    =     0.0000
Number of clusters (panel_id) =      6,007        Root MSE        =     0.1506

                            (Std. err. adjusted for 6,007 clusters in panel_id)
-------------------------------------------------------------------------------
              |               Robust
   cash_ratio | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
control_after |   .0005421   .0031725     0.17   0.864    -.0056771    .0067614
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      6007        6007           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est13 stored)

. eststo: reghdfe cash_ratio control_after control_after_scope if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 217 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     35,403
Absorbing 2 HDFE groups                           F(   2,   5817) =       1.79
Statistics robust to heteroskedasticity           Prob > F        =     0.1675
                                                  R-squared       =     0.6662
                                                  Adj R-squared   =     0.6003
                                                  Within R-sq.    =     0.0002
Number of clusters (panel_id) =      5,818        Root MSE        =     0.1448

                                  (Std. err. adjusted for 5,818 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
         cash_ratio | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |   .0047657   .0039254     1.21   0.225    -.0029296    .0124609
control_after_scope |  -.0449735   .0243633    -1.85   0.065    -.0927348    .0027877
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      5818        5818           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est14 stored)

. eststo: reghdfe cash_ratio control_after control_after_disc if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 115 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     30,777
Absorbing 2 HDFE groups                           F(   2,   4420) =       4.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0157
                                                  R-squared       =     0.6223
                                                  Adj R-squared   =     0.5588
                                                  Within R-sq.    =     0.0005
Number of clusters (panel_id) =      4,421        Root MSE        =     0.1560

                                 (Std. err. adjusted for 4,421 clusters in panel_id)
------------------------------------------------------------------------------------
                   |               Robust
        cash_ratio | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
     control_after |   .0053543   .0041678     1.28   0.199    -.0028167    .0135253
control_after_disc |  -.0139972   .0048551    -2.88   0.004    -.0235157   -.0044788
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        13           0          13     |
    panel_id |      4421        4421           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est15 stored)

. eststo: reghdfe cash_ratio control_after control_after_scope control_after_disc triple_interaction if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant
(dropped 171 singleton observations)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     25,630
Absorbing 2 HDFE groups                           F(   4,   4270) =       2.97
Statistics robust to heteroskedasticity           Prob > F        =     0.0183
                                                  R-squared       =     0.6572
                                                  Adj R-squared   =     0.5883
                                                  Within R-sq.    =     0.0008
Number of clusters (panel_id) =      4,271        Root MSE        =     0.1505

                                  (Std. err. adjusted for 4,271 clusters in panel_id)
-------------------------------------------------------------------------------------
                    |               Robust
         cash_ratio | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
      control_after |    .007181   .0055547     1.29   0.196    -.0037092    .0180712
control_after_scope |   .0149156   .0714413     0.21   0.835    -.1251465    .1549776
 control_after_disc |  -.0184704   .0069513    -2.66   0.008    -.0320985   -.0048423
 triple_interaction |   .0247574   .0816609     0.30   0.762    -.1353404    .1848552
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        year |        12           0          12     |
    panel_id |      4271        4271           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est16 stored)

. esttab ,   ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

{hline 268}
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)            (10)            (11)            (12)            (13)    
>         (14)            (15)            (16)   
                 lnassets        lnassets        lnassets        lnassets        leverage        leverage        leverage        leverage             roa             roa             roa             roa      cash_ratio    
>   cash_ratio      cash_ratio      cash_ratio   
{hline 268}
control_af~r        0.095***        0.111***       -0.010           0.019          -0.025***       -0.021***       -0.046***       -0.039***       -0.019***       -0.017***       -0.029***       -0.030***        0.001    
>        0.005           0.005           0.007   
                   (4.06)          (3.79)         (-0.35)          (0.53)         (-6.55)         (-4.32)         (-9.06)         (-5.62)         (-4.33)         (-3.48)         (-4.28)         (-3.50)          (0.17)    
>       (1.21)          (1.28)          (1.29)   

control_af~e                        0.522***                        0.182                           0.058*                          0.022                          -0.017                           0.022                    
>       -0.045*                          0.015   
                                   (3.26)                          (0.34)                          (1.87)                          (0.21)                         (-0.72)                          (0.24)                    
>      (-1.85)                          (0.21)   

control_af~c                                        0.478***        0.555***                                        0.072***        0.069***                                        0.034***        0.041***                 
>                       -0.014***       -0.018***
                                                  (13.83)         (12.57)                                         (10.70)          (7.24)                                          (5.08)          (4.37)                    
>                      (-2.88)         (-2.66)   

triple_int~n                                                       -1.311**                                                        -0.009                                                          -0.118                    
>                                        0.025   
                                                                  (-2.56)                                                         (-0.08)                                                         (-1.15)                    
>                                       (0.30)   
{hline 268}
N                   47729           40008           34510           28879           40728           33952           28914           24034           25240           24612           16239           15712           42432    
>        35403           30777           25630   
adj. R-sq           0.927           0.940           0.944           0.953           0.629           0.666           0.616           0.655           0.453           0.459           0.437           0.444           0.570    
>        0.600           0.559           0.588   
{hline 268}
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "Table_14.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to Table_14.csv)

. eststo clear

. quiet reghdfe lnassets control_after  if deal_sample==1 , absorb(i.year i.panel_id) cl(panel_id) noconstant

. keep if e(sample)
(937 observations deleted)

. quiet estpost summarize ///
>         lnassets leverage leverage roa cash_ratio  scope fulldisclosure, detail

. estout using "stats-2D_panel.xls",replace cells("count mean p50 sd min max")
(output written to stats-2D_panel.xls)

. 
. **# Figure 1
. use "${path_dir}/data/Data_availability.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. drop if cntrycde=="GB"
(13 observations deleted)

. label var disc_toas "% with Total assets"

. label var disc_opre "% with Sales"

. label var disc_ebta "% with EBITDA"

. sort cntrycde closdate_year

. graph twoway (line disc_toas closdate_year) (line disc_opre closdate_year, lpattern(dash)) (line disc_ebta closdate_year, lpattern(shortdash)lwidth(thick)) , ylabel(0(0.5)1, labsize(small) angle(horizontal)) xlabel(2000
> (3)2012, labsize(small) angle(vertical))  by(cntrycde, note("")) xtitle("", size(zero)) graphregion(color(white)) bgcolor(white)

. graph save Graph_1a.gph,replace
file Graph_1a.gph saved

. graph export "Fig_1_Data_availability.pdf", as(pdf) name("Graph")  replace
file Fig_1_Data_availability.pdf saved as PDF format

. 
. /* Figure 1B*/
. use "${path_dir}/data/Data_availability_all.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. twoway (line fd_toas years_to_adoption) (line fd_sales years_to_adoption, lpattern(dash)) (line fd_ebta years_to_adoption, lpattern(shortdash)lwidth(thick)) if abs(years_to_adoption)<6, xline(0) ylabel(0(0.5)1, labsize(
> small) angle(horizontal)) xlabel(, labsize(small)) title(Extended Disclosure) name("fd", replace)  xtitle("Years to Disclosure Regulation", size(small)) graphregion(color(white)) bgcolor(white)  

. twoway (line nd_toas years_to_adoption) (line nd_sales years_to_adoption, lpattern(dash)) (line nd_ebta years_to_adoption, lpattern(shortdash)lwidth(thick)) if abs(years_to_adoption)<6 , xline(0) ylabel(0(0.5)1, labsize
> (small) angle(horizontal)) xlabel(, labsize(small)) title(Non Extended Disclosure) name("nd", replace) xtitle("Years to Disclosure Regulation", size(small)) graphregion(color(white)) bgcolor(white)

. grc1leg fd nd, col(2) rows(1) saving(fd_nd_all.gph, replace) graphregion(color(white)) legendfrom(fd) 
file fd_nd_all.gph saved

. graph save Graph_1b.gph,replace
file Graph_1b.gph saved

. graph export "Fig_1b_comparison.pdf", as(pdf) name("Graph") replace     
file Fig_1b_comparison.pdf saved as PDF format

. graph drop _all

. 
. 
. **#  Figure 2
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. gen cntrycde=country

. replace cntrycde="AT" if cntrycde=="Austria"
(1,022 real changes made)

. replace cntrycde="BE" if cntrycde=="Belgium"
(1,027 real changes made)

. replace cntrycde="DK" if cntrycde=="Denmark"
(1,010 real changes made)

. replace cntrycde="DE" if cntrycde=="Germany"
(1,040 real changes made)

. replace cntrycde="FI" if cntrycde=="Finland"
(1,030 real changes made)

. replace cntrycde="FR" if cntrycde=="France"
(1,030 real changes made)

. replace cntrycde="IE" if cntrycde=="Ireland"
(1,021 real changes made)

. replace cntrycde="IT" if cntrycde=="Italy"
(1,004 real changes made)

. replace cntrycde="NL" if cntrycde=="Netherlands"
(1,027 real changes made)

. replace cntrycde="ES" if cntrycde=="Spain"
(1,040 real changes made)

. replace cntrycde="SE" if cntrycde=="Sweden"
(995 real changes made)

. replace cntrycde="UK" if cntrycde=="United Kingdom"
(1,047 real changes made)

. keep cntrycde year sic_2d scope indNum_t_priv

. destring, replace
year already numeric; no replace
sic_2d: all characters numeric; replaced as byte
indNum_t_priv already numeric; no replace
scope already numeric; no replace
cntrycde: contains nonnumeric characters; no replace

. bysort year sic_2d: egen sd=sd(scope)
(65 missing values generated)

. bysort sic_2d: egen a=max(sd)
(38 missing values generated)

. sum a, d

                              a
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .0129992       .0129992
 5%     .0248677       .0129992
10%     .0286344       .0129992       Obs              12,255
25%     .0429346       .0129992       Sum of wgt.      12,255

50%     .0678682                      Mean           .0804994
                        Largest       Std. dev.      .0693747
75%     .0894094       .7071068
90%     .1323388       .7071068       Variance       .0048129
95%     .1950053       .7071068       Skewness       4.395209
99%     .3108053       .7071068       Kurtosis       33.52439

. table sic_2d if a>.07, stat(count scope)

---------------------------------------
        |  Number of non-missing values
--------+------------------------------
sic_2d  |                              
  9     |                           156
  10    |                           151
  12    |                           143
  13    |                           156
  14    |                           156
  16    |                           156
  21    |                           144
  22    |                           156
  23    |                           156
  24    |                           156
  26    |                           156
  28    |                           156
  29    |                           156
  30    |                           156
  31    |                           156
  32    |                           156
  33    |                           156
  34    |                           156
  35    |                           156
  36    |                           156
  37    |                           156
  40    |                           152
  42    |                           156
  46    |                           143
  47    |                           156
  49    |                           156
  50    |                           156
  51    |                           156
  52    |                           156
  55    |                           156
  80    |                           156
  81    |                           156
  86    |                           156
  88    |                           119
  89    |                            18
  91    |                           119
  92    |                           145
  94    |                           130
  95    |                             7
  97    |                           135
  Total |                         5,774
---------------------------------------

. table sic_2d if a>.07, stat(sum indNum_t_priv)

-----------------
        |   Total
--------+--------
sic_2d  |        
  9     |      33
  10    |      45
  12    |      11
  13    |     170
  14    |      69
  16    |     255
  21    |      20
  22    |     198
  23    |     218
  24    |     257
  26    |     345
  28    |     820
  29    |      32
  30    |     463
  31    |      60
  32    |     393
  33    |     237
  34    |     957
  35    |   1,541
  36    |   1,000
  37    |     510
  40    |      24
  42    |     503
  46    |       4
  47    |     854
  49    |     655
  50    |   2,292
  51    |   1,190
  52    |      97
  55    |     449
  80    |     676
  81    |     138
  86    |      33
  88    |       0
  89    |      40
  91    |       1
  92    |      22
  94    |       3
  95    |     106
  97    |       0
  Total |  14,721
-----------------

. rename year closdate_year

. sort cntrycde closdate_year

. 
. preserve

. keep if sic_2d==50
(12,137 observations deleted)

. graph twoway (line scope closdate_year if cntrycde=="DE") (line scope closdate_year if cntrycde=="FR", lpattern(dash)) (line scope closdate_year if cntrycde=="BE", lpattern(shortdash)lwidth(thick)) (line scope closdate_
> year if cntrycde=="UK", lpattern(longdash)), legend(on order(1 "DE" 2 "FR" 3 "BE" 4 "UK")) ytitle(Mandated Reporting) xtitle(Year) ylabel(0(.1).5) xlabel(2000(3)2012) title(SIC 50 Wholesale trade) name(sic50, replace) g
> raphregion(color(white)) bgcolor(white)

. restore

. preserve

. keep if sic_2d==27
(12,137 observations deleted)

. graph twoway (line scope closdate_year if cntrycde=="DE") (line scope closdate_year if cntrycde=="FR", lpattern(dash)) (line scope closdate_year if cntrycde=="BE", lpattern(shortdash)lwidth(thick)) (line scope closdate_
> year if cntrycde=="UK", lpattern(longdash)), legend(on order(1 "DE" 2 "FR" 3 "BE" 4 "UK")) ytitle(Mandated Reporting) xtitle(Year) ylabel(0(.1).5) xlabel(2000(3)2012) title("SIC 27 Printing, Publishing," "and Allied Ind
> ustries") name(sic27, replace) graphregion(color(white)) bgcolor(white)

. restore

. preserve

. keep if sic_2d==34
(12,137 observations deleted)

. graph twoway (line scope closdate_year if cntrycde=="DE") (line scope closdate_year if cntrycde=="FR", lpattern(dash)) (line scope closdate_year if cntrycde=="BE", lpattern(shortdash) lwidth(thick)) (line scope closdate
> _year if cntrycde=="UK", lpattern(longdash)), legend(on order(1 "DE" 2 "FR" 3 "BE" 4 "UK")) ytitle(Mandated Reporting) xtitle(Year) ylabel(0(.1).5) xlabel(2000(3)2012) title("SIC 34 Fabricated Metal Products") name(sic3
> 4, replace) graphregion(color(white)) bgcolor(white)

. restore

. preserve

. keep if sic_2d==80
(12,137 observations deleted)

. graph twoway (line scope closdate_year if cntrycde=="DE") (line scope closdate_year if cntrycde=="FR", lpattern(dash)) (line scope closdate_year if cntrycde=="BE", lpattern(shortdash)lwidth(thick)) (line scope closdate_
> year if cntrycde=="UK", lpattern(longdash)), legend(on order(1 "DE" 2 "FR" 3 "BE" 4 "UK")) ytitle(Mandated Reporting) xtitle(Year) ylabel(0(.1).5) xlabel(2000(3)2012) title(SIC 80 Health Services) name(sic80, replace) g
> raphregion(color(white)) bgcolor(white)

. restore

. graph combine  sic50 sic27 sic34 sic80, col(2) row(2)  ycommon graphregion(color(white)) 

. *grc1leg sic50 sic27 sic34 sic80, col(2) rows(2) title(Extended disclosure across selected industries) saving(Graph.gph, replace) legendfrom(sic50)
. graph export "Fig_2_scope_dist.pdf", as(pdf) name("Graph") replace
file Fig_2_scope_dist.pdf saved as PDF format

. graph save Graph_2.gph,replace
file Graph_2.gph saved

. **#  Figure 3
. use "${path_dir}/data/Zephyr_sic2payment.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. xtset sic_country deal_year, yearly

Panel variable: sic_country (strongly balanced)
 Time variable: deal_year, 2000 to 2016
         Delta: 1 year

. gen country_sample=1 if cntrycde=="AT" | cntrycde=="BE" | cntrycde=="DK" | cntrycde=="DE" | cntrycde=="ES" | cntrycde=="FI" | cntrycde=="FR" | cntrycde=="IT" | cntrycde=="IE" | cntrycde=="NL" | cntrycde=="SE" | cntrycde
> =="UK" 
(15,487 missing values generated)

. replace country_sample=1 if cntrycde=="US"
(1,360 real changes made)

. drop if cntrycde=="ES" | cntrycde=="UK"
(2,652 observations deleted)

. sort sic_country deal_year disclosure

. bysort sic_country: gen n=deal_year if disclosure==1 & disclosure[_n-1]==0 & disclosure[_n-1]!=.
(25,786 missing values generated)

. bysort sic2 cntrycde: egen treatment=max(n)
(1,360 missing values generated)

. replace treatment=0 if cntrycde=="US"
(1,360 real changes made)

. /* Dynamics */
. gen country=cntrycde

. replace country="Austria" if cntrycde=="AT"
variable country was str2 now str7
(1,088 real changes made)

. replace country="Belgium" if cntrycde== "BE"
(1,156 real changes made)

. replace country="Denmark" if cntrycde=="DK"
(1,190 real changes made)

. replace country="Germany" if cntrycde=="DE"
(1,224 real changes made)

. replace country="Finland" if cntrycde=="FI"
(1,241 real changes made)

. replace country="France" if cntrycde=="FR"
(1,275 real changes made)

. replace country="Ireland" if cntrycde=="IE"
(1,054 real changes made)

. replace country="Italy" if cntrycde=="IT"
(1,224 real changes made)

. replace country="Netherlands" if cntrycde=="NL"
variable country was str7 now str11
(1,241 real changes made)

. replace country="Spain" if cntrycde=="ES"
(0 real changes made)

. replace country="Sweden" if cntrycde=="SE"
(1,207 real changes made)

. replace country="United Kingdom" if cntrycde=="UK"
(0 real changes made)

. gen year=deal_year

. gen sic_2d=sic2

. 
. /* Methods  in proportions */
. gen cashpayment_ratio= num_cash / deal_year

. gen sharespayment_ratio= num_shares / deal_year

. gen cashpayment_assets_ratio= all_cash / all_assets
(18,446 missing values generated)

. gen sharespayment_assets_ratio= all_shares / all_assets
(18,446 missing values generated)

. sum cashpayment_* sharespayment_*

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
cash~t_ratio |     27,387    .0001907    .0016873          0   .0832918
cash~s_ratio |      8,941    .0831082    .2537818          0          1
shar~t_ratio |     27,387     .000083    .0009729          0   .0744628
shar~s_ratio |      8,941    .0355625    .1657398          0          1

. csdid cashpayment_ratio if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,140
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |  -.0011397   .0003656    -3.12   0.002    -.0018562   -.0004232
         T-7 |   .0007381   .0003602     2.05   0.040      .000032    .0014442
         T-6 |  -.0009596   .0002654    -3.62   0.000    -.0014798   -.0004395
         T-5 |  -.0000812   .0002727    -0.30   0.766    -.0006157    .0004533
         T-4 |  -.0005251   .0001994    -2.63   0.008    -.0009159   -.0001342
         T-3 |   .0000957   .0002064     0.46   0.643    -.0003088    .0005002
         T-2 |  -.0002355   .0001218    -1.93   0.053    -.0004743    3.29e-06
         T-1 |   -.000419   .0001815    -2.31   0.021    -.0007748   -.0000633
         T+0 |   .0005764   .0001342     4.30   0.000     .0003134    .0008394
         T+1 |   .0006393   .0001206     5.30   0.000      .000403    .0008757
         T+2 |   .0008065   .0001826     4.42   0.000     .0004485    .0011644
         T+3 |   .0013612    .000264     5.16   0.000     .0008438    .0018786
         T+4 |   .0019436   .0003725     5.22   0.000     .0012136    .0026736
         T+5 |   .0016747   .0003609     4.64   0.000     .0009673    .0023821
         T+6 |   .0017065   .0003746     4.56   0.000     .0009724    .0024406
         T+7 |   .0023463    .000477     4.92   0.000     .0014113    .0032812
         T+8 |    .001978    .000365     5.42   0.000     .0012626    .0026934
         T+9 |   .0013848   .0003932     3.52   0.000     .0006141    .0021556
        T+10 |   .0015212   .0003495     4.35   0.000     .0008362    .0022061
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10")   msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title("% No. of targets") name(event_1) xlab
> el(,angle(0) labsize(vsmall)) ylabel(,angle(0) labsize(vsmall))  graphregion(color(white)) replace
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "num_cash2.pdf", as(pdf) name("event_1") replace
file num_cash2.pdf saved as PDF format

. csdid cashpayment_assets_ratio if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
Panel is not balanced
Will use observations with Pair balanced (observed at t0 and t1)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                         Number of obs = 2,468
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |   -.018546   .1164046    -0.16   0.873    -.2466949    .2096028
         T-7 |  -.0777984   .0911921    -0.85   0.394    -.2565316    .1009348
         T-6 |  -.0051428   .0982115    -0.05   0.958    -.1976338    .1873481
         T-5 |   .1718702   .0998036     1.72   0.085    -.0237412    .3674816
         T-4 |   .0388586   .0836347     0.46   0.642    -.1250624    .2027796
         T-3 |   .0161802   .0723512     0.22   0.823    -.1256255     .157986
         T-2 |   .1213185   .0649263     1.87   0.062    -.0059348    .2485718
         T-1 |   .0067781    .056691     0.12   0.905    -.1043342    .1178904
         T+0 |  -.0115236   .0471619    -0.24   0.807    -.1039592     .080912
         T+1 |  -.0371866   .0584975    -0.64   0.525    -.1518396    .0774665
         T+2 |   .0057514   .0510904     0.11   0.910    -.0943839    .1058867
         T+3 |   .0862569   .0624153     1.38   0.167    -.0360749    .2085888
         T+4 |   .0644692   .0634288     1.02   0.309    -.0598489    .1887873
         T+5 |  -.0815928   .0592196    -1.38   0.168     -.197661    .0344754
         T+6 |   .0431877   .0774656     0.56   0.577    -.1086422    .1950175
         T+7 |  -.0871505     .07812    -1.12   0.265    -.2402629    .0659619
         T+8 |  -.1545839   .1065614    -1.45   0.147    -.3634404    .0542727
         T+9 |  -.1681735   .1229363    -1.37   0.171    -.4091243    .0727773
        T+10 |  -.2729622   .1196053    -2.28   0.022    -.5073843   -.0385401
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot,drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10") msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title("% Sum of Targets' Assets") name(event_3)
>  xlabel(,angle(0) labsize(vsmall)) ylabel(,angle(0) labsize(vsmall))  graphregion(color(white)) replace
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "num_shares2.pdf", as(pdf) name("event_3") replace
file num_shares2.pdf saved as PDF format

. graph save Graph_3.gph, replace
file Graph_3.gph saved

. graph combine event_1 event_3 , col(2) rows(1) // saving(Graph_3.gph, replace)  
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "Fig_3_Timing_payment2.pdf", as(pdf) replace
file Fig_3_Timing_payment2.pdf saved as PDF format

. graph drop _all

. 
. **# Figure 4
. use "${path_dir}/data/Zephyr_sic2value.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. csdid log_entvalue if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
.....
Difference-in-difference with Multiple Time Periods

                                                         Number of obs = 8,304
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |  -.0465239   .1209252    -0.38   0.700     -.283533    .1904852
         T-7 |  -.0389231   .1206908    -0.32   0.747    -.2754727    .1976265
         T-6 |   .0761471     .08832     0.86   0.389     -.096957    .2492511
         T-5 |  -.0402422   .0585882    -0.69   0.492     -.155073    .0745886
         T-4 |   .0087666   .0572895     0.15   0.878    -.1035188    .1210521
         T-3 |   .0465165   .0571051     0.81   0.415    -.0654075    .1584405
         T-2 |   .0671705   .0627723     1.07   0.285    -.0558609    .1902019
         T-1 |  -.0381297    .060893    -0.63   0.531    -.1574778    .0812184
         T+0 |   .0005227   .0524022     0.01   0.992    -.1021836     .103229
         T+1 |   .0633252    .056281     1.13   0.261    -.0469836     .173634
         T+2 |   .0646498   .0685791     0.94   0.346    -.0697627    .1990623
         T+3 |  -.0412402    .087623    -0.47   0.638    -.2129782    .1304978
         T+4 |   .2435686   .0575025     4.24   0.000     .1308657    .3562714
         T+5 |   .1622462   .0861986     1.88   0.060    -.0066999    .3311923
         T+6 |   .0910718   .0970092     0.94   0.348    -.0990627    .2812063
         T+7 |   .4661508   .1119515     4.16   0.000       .24673    .6855716
         T+8 |   .3868673   .1094659     3.53   0.000     .1723181    .6014166
         T+9 |    .383717   .1290339     2.97   0.003     .1308152    .6366188
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5","T+5","T+6","T+7","T+8","T+9","T+10") msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) name(Graph_4)  graphregion(color(white)) replac
> e
(note:  named style 0h not found in class symbol, default attributes used)

. graph save Graph_4.gph, replace  
file Graph_4.gph saved

. graph export "Fig_4_value_dyn.pdf", as(pdf) replace
file Fig_4_value_dyn.pdf saved as PDF format

. graph drop _all

. 
. 
. **# APPDX 2
. *sic-year
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2##i.year) cl( i.country_year) noconstant 
(dropped 5 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     10,180
Absorbing 2 HDFE groups                           F(   6,    143) =      21.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7325
                                                  Adj R-squared   =     0.7000
                                                  Within R-sq.    =     0.0170
Number of clusters (country_year) =        144    Root MSE        =     0.5533

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .4348572   .1285481     3.38   0.001     .1807572    .6889572
                  |
percent_publ_toas |
              L1. |  -.0144945    .033682    -0.43   0.668    -.0810734    .0520843
                  |
 log_indMean_toas |
              L1. |   .0346801   .0057524     6.03   0.000     .0233093    .0460508
                  |
    log_num_firms |
              L1. |   .0803202   .0130448     6.16   0.000     .0545347    .1061058
                  |
    indMeanRw_roa |
              L1. |     .00426   .1380775     0.03   0.975    -.2686766    .2771966
                  |
      indSdRw_roa |
              L1. |  -.1281214   .1466672    -0.87   0.384    -.4180373    .1617945
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    country_year |       144         144           0    *|
   sic_2d_2#year |       953           0         953     |
---------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2##i.year) cl( i.country_year) noconstant 
(dropped 5 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     10,180
Absorbing 2 HDFE groups                           F(   6,    143) =      27.56
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5722
                                                  Adj R-squared   =     0.5203
                                                  Within R-sq.    =     0.0167
Number of clusters (country_year) =        144    Root MSE        =     3.7057

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.110927   .8032695     2.63   0.010     .5231105    3.698744
                  |
percent_publ_toas |
              L1. |   .0845021   .2107136     0.40   0.689    -.3320138    .5010179
                  |
 log_indMean_toas |
              L1. |   .2373908   .0377464     6.29   0.000     .1627779    .3120037
                  |
    log_num_firms |
              L1. |   .5263829   .0620673     8.48   0.000      .403695    .6490708
                  |
    indMeanRw_roa |
              L1. |  -.1152661   .9366202    -0.12   0.902    -1.966676    1.736144
                  |
      indSdRw_roa |
              L1. |  -1.020855   .9600652    -1.06   0.289    -2.918608    .8768984
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    country_year |       144         144           0    *|
   sic_2d_2#year |       953           0         953     |
---------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. esttab ,   ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------
                      (1)             (2)   
             logIndNum_~v    logIndSum_~v   
--------------------------------------------
L.scope             0.435***        2.111***
                   (3.38)          (2.63)   

L.percent_~s       -0.014           0.085   
                  (-0.43)          (0.40)   

L.log_indM~s        0.035***        0.237***
                   (6.03)          (6.29)   

L.log_num_~s        0.080***        0.526***
                   (6.16)          (8.48)   

L.indMeanR~a        0.004          -0.115   
                   (0.03)         (-0.12)   

L.indSdRw_~a       -0.128          -1.021   
                  (-0.87)         (-1.06)   
--------------------------------------------
N                   10180           10180   
adj. R-sq           0.700           0.520   
--------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2a.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2a.csv)

. eststo clear

. *3d sic
. use "${path_dir}/data/1_indLevel data merged-3d_extended.dta",clear

. xtset country_sic_3d_2 year, year

Panel variable: country_sic_3d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with gaps
         Delta: 1 year

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year   i.sic_3d_2) cl( i.country_year ) noconstant 
(dropped 2 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     34,857
Absorbing 2 HDFE groups                           F(   6,    143) =      27.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5424
                                                  Adj R-squared   =     0.5351
                                                  Within R-sq.    =     0.0129
Number of clusters (country_year) =        144    Root MSE        =     0.4368

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .0539114     .03776     1.43   0.156    -.0207285    .1285513
                  |
percent_publ_toas |
              L1. |   .0118377       .015     0.79   0.431    -.0178126    .0414881
                  |
 log_indMean_toas |
              L1. |   .0067779   .0023193     2.92   0.004     .0021934    .0113624
                  |
    log_num_firms |
              L1. |   .0588554   .0053033    11.10   0.000     .0483723    .0693384
                  |
    indMeanRw_roa |
              L1. |   .1932972   .0472438     4.09   0.000     .0999106    .2866837
                  |
      indSdRw_roa |
              L1. |  -.1475923   .0512913    -2.88   0.005    -.2489793   -.0462052
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_3d_2 |       397           0         397     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.sic_3d_2) cl( i.country_year ) noconstant 
(dropped 2 singleton observations)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     34,857
Absorbing 2 HDFE groups                           F(   6,    143) =      34.86
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3971
                                                  Adj R-squared   =     0.3875
                                                  Within R-sq.    =     0.0101
Number of clusters (country_year) =        144    Root MSE        =     3.2909

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .6532659   .2984695     2.19   0.030     .0632835    1.243248
                  |
percent_publ_toas |
              L1. |   .0849097   .1021037     0.83   0.407    -.1169179    .2867372
                  |
 log_indMean_toas |
              L1. |   .0880863   .0162401     5.42   0.000     .0559846     .120188
                  |
    log_num_firms |
              L1. |   .3731979   .0292657    12.75   0.000     .3153487    .4310471
                  |
    indMeanRw_roa |
              L1. |   .6569785   .3201927     2.05   0.042      .024056    1.289901
                  |
      indSdRw_roa |
              L1. |  -1.218566   .3722592    -3.27   0.001    -1.954408   -.4827245
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_3d_2 |       397           0         397     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. esttab ,   ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------
                      (1)             (2)   
             logIndNum_~v    logIndSum_~v   
--------------------------------------------
L.scope             0.054           0.653** 
                   (1.43)          (2.19)   

L.percent_~s        0.012           0.085   
                   (0.79)          (0.83)   

L.log_indM~s        0.007***        0.088***
                   (2.92)          (5.42)   

L.log_num_~s        0.059***        0.373***
                  (11.10)         (12.75)   

L.indMeanR~a        0.193***        0.657** 
                   (4.09)          (2.05)   

L.indSdRw_~a       -0.148***       -1.219***
                  (-2.88)         (-3.27)   
--------------------------------------------
N                   34857           34857   
adj. R-sq           0.535           0.388   
--------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2b.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2b.csv)

. eststo clear

. *neg binomial
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. eststo: xtnbreg indNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa i.year, fe 
note: 5 groups (5 obs) dropped because of only one obs per group
note: 157 groups (1367 obs) dropped because of all zero outcomes

Iteration 0:   log likelihood = -13060.154  
Iteration 1:   log likelihood = -12383.937  
Iteration 2:   log likelihood = -12323.674  
Iteration 3:   log likelihood =  -12323.03  
Iteration 4:   log likelihood =  -12323.03  

Conditional FE negative binomial regression         Number of obs    =   8,813
Group variable: country_sic_2d_2                    Number of groups =     764

                                                    Obs per group:
                                                                 min =       4
                                                                 avg =    11.5
                                                                 max =      12

                                                    Wald chi2(17)    = 1344.82
Log likelihood = -12323.03                          Prob > chi2      =  0.0000

-----------------------------------------------------------------------------------
    indNum_t_priv | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   1.266125   .2548432     4.97   0.000     .7666418    1.765609
                  |
percent_publ_toas |
              L1. |    .176212   .0760779     2.32   0.021     .0271021    .3253219
                  |
 log_indMean_toas |
              L1. |   .0124308   .0142034     0.88   0.381    -.0154074    .0402689
                  |
    log_num_firms |
              L1. |  -.0647519   .0264454    -2.45   0.014     -.116584   -.0129198
                  |
    indMeanRw_roa |
              L1. |  -.3286925   .3871721    -0.85   0.396    -1.087536    .4301508
                  |
      indSdRw_roa |
              L1. |   4.424719   .3737049    11.84   0.000     3.692271    5.157167
                  |
             year |
            2002  |   .2788303   .0610155     4.57   0.000     .1592421    .3984185
            2003  |   .4127476    .059303     6.96   0.000     .2965159    .5289793
            2004  |   .6017622   .0577191    10.43   0.000     .4886349    .7148895
            2005  |   .8161814   .0561187    14.54   0.000     .7061909    .9261719
            2006  |   .9097356   .0559282    16.27   0.000     .8001185    1.019353
            2007  |   .9620085   .0571496    16.83   0.000     .8499973     1.07402
            2008  |   .8257826   .0587788    14.05   0.000     .7105782     .940987
            2009  |   .6115369   .0604184    10.12   0.000      .493119    .7299547
            2010  |   .8420204   .0585287    14.39   0.000     .7273063    .9567346
            2011  |   1.080807   .0568025    19.03   0.000     .9694763    1.192138
            2012  |   1.176396   .0562518    20.91   0.000     1.066144    1.286647
                  |
            _cons |   .2760839   .3498832     0.79   0.430    -.4096746    .9618425
-----------------------------------------------------------------------------------
(est1 stored)

. esttab ,   ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------
                      (1)   
             indNum_t_p~v   
----------------------------
indNum_t_p~v                
L.scope             1.266***
                   (4.97)   

L.percent_~s        0.176** 
                   (2.32)   

L.log_indM~s        0.012   
                   (0.88)   

L.log_num_~s       -0.065** 
                  (-2.45)   

L.indMeanR~a       -0.329   
                  (-0.85)   

L.indSdRw_~a        4.425***
                  (11.84)   

2001.year           0.000   
                      (.)   

2002.year           0.279***
                   (4.57)   

2003.year           0.413***
                   (6.96)   

2004.year           0.602***
                  (10.43)   

2005.year           0.816***
                  (14.54)   

2006.year           0.910***
                  (16.27)   

2007.year           0.962***
                  (16.83)   

2008.year           0.826***
                  (14.05)   

2009.year           0.612***
                  (10.12)   

2010.year           0.842***
                  (14.39)   

2011.year           1.081***
                  (19.03)   

2012.year           1.176***
                  (20.91)   

_cons               0.276   
                   (0.79)   
----------------------------
N                    8813   
adj. R-sq                   
----------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2c.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2c.csv)

. eststo clear

. 
. merge 1:1  country  sic_2d year using "${path_dir}/data/SizeEst_2_scope-2d.dta" 

    Result                      Number of obs
    -----------------------------------------
    Not matched                             0
    Matched                            12,293  (_merge==3)
    -----------------------------------------

. drop if _merge==2
(0 observations deleted)

. drop _merge

. gen scope_assetw=toas_privfull_est/ toas_priv_est if !missing(scope)
(147 missing values generated)

. gen scope_asset=toas_privfull/ toas_priv if !missing(scope)
(691 missing values generated)

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      20.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7110
                                                  Adj R-squared   =     0.7044
                                                  Within R-sq.    =     0.0152
Number of clusters (country_year) =        144    Root MSE        =     0.5492

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3484446   .1005001     3.47   0.001     .1497869    .5471023
                  |
percent_publ_toas |
              L1. |  -.0320838   .0314703    -1.02   0.310    -.0942909    .0301233
                  |
 log_indMean_toas |
              L1. |   .0285461   .0056414     5.06   0.000     .0173947    .0396975
                  |
    log_num_firms |
              L1. |   .0831954   .0129379     6.43   0.000     .0576212    .1087695
                  |
    indMeanRw_roa |
              L1. |   .0346075   .1307993     0.26   0.792    -.2239425    .2931575
                  |
      indSdRw_roa |
              L1. |  -.1423211   .1408455    -1.01   0.314    -.4207293    .1360871
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. gen sample1= e(sample)  //keep the same sample than the main table

. eststo: reghdfe logIndNum_t_priv l.scope_assetw l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if sample1==1, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      17.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7108
                                                  Adj R-squared   =     0.7041
                                                  Within R-sq.    =     0.0143
Number of clusters (country_year) =        144    Root MSE        =     0.5494

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assetw |
              L1. |   -.009956   .0382247    -0.26   0.795    -.0855144    .0656024
                  |
percent_publ_toas |
              L1. |  -.0391074   .0331505    -1.18   0.240    -.1046357    .0264209
                  |
 log_indMean_toas |
              L1. |    .031737   .0065217     4.87   0.000     .0188456    .0446284
                  |
    log_num_firms |
              L1. |   .0826284   .0129544     6.38   0.000     .0570215    .1082353
                  |
    indMeanRw_roa |
              L1. |    .027564   .1299691     0.21   0.832     -.229345    .2844729
                  |
      indSdRw_roa |
              L1. |  -.1631791   .1418529    -1.15   0.252    -.4435786    .1172205
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope_assetw l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if sample1==1, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      25.89
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5316
                                                  Adj R-squared   =     0.5209
                                                  Within R-sq.    =     0.0148
Number of clusters (country_year) =        144    Root MSE        =     3.7032

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assetw |
              L1. |   .7543202   .2276006     3.31   0.001     .3044238    1.204217
                  |
percent_publ_toas |
              L1. |   .0434401   .2024661     0.21   0.830     -.356773    .4436532
                  |
 log_indMean_toas |
              L1. |   .1798858   .0402763     4.47   0.000      .100272    .2594996
                  |
    log_num_firms |
              L1. |   .5150072   .0606277     8.49   0.000      .395165    .6348494
                  |
    indMeanRw_roa |
              L1. |  -.1582057    .887955    -0.18   0.859    -1.913419    1.597008
                  |
      indSdRw_roa |
              L1. |  -.8781726   .9185685    -0.96   0.341      -2.6939    .9375547
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv l.scope_asset l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if sample1==1, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant  
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,093
Absorbing 2 HDFE groups                           F(   6,    143) =      19.47
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7110
                                                  Adj R-squared   =     0.7043
                                                  Within R-sq.    =     0.0148
Number of clusters (country_year) =        144    Root MSE        =     0.5504

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
      scope_asset |
              L1. |  -.0345675   .0270592    -1.28   0.204    -.0880553    .0189203
                  |
percent_publ_toas |
              L1. |  -.0590159   .0342114    -1.73   0.087    -.1266413    .0086095
                  |
 log_indMean_toas |
              L1. |   .0365368   .0067523     5.41   0.000     .0231895    .0498841
                  |
    log_num_firms |
              L1. |   .0837142   .0129957     6.44   0.000     .0580258    .1094026
                  |
    indMeanRw_roa |
              L1. |   .0279308   .1342498     0.21   0.835    -.2374398    .2933014
                  |
      indSdRw_roa |
              L1. |  -.1393539   .1455025    -0.96   0.340    -.4269677    .1482598
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope_asset l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if sample1==1, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,093
Absorbing 2 HDFE groups                           F(   6,    143) =      23.20
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5313
                                                  Adj R-squared   =     0.5204
                                                  Within R-sq.    =     0.0148
Number of clusters (country_year) =        144    Root MSE        =     3.7060

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
      scope_asset |
              L1. |    .558296   .2043078     2.73   0.007     .1544423    .9621497
                  |
percent_publ_toas |
              L1. |  -.0005861   .2017606    -0.00   0.998    -.3994046    .3982324
                  |
 log_indMean_toas |
              L1. |   .1882942   .0415935     4.53   0.000     .1060766    .2705118
                  |
    log_num_firms |
              L1. |   .5155465   .0603677     8.54   0.000     .3962181    .6348749
                  |
    indMeanRw_roa |
              L1. |  -.2334137   .9024474    -0.26   0.796    -2.017274    1.550447
                  |
      indSdRw_roa |
              L1. |  -.6781119   .9505672    -0.71   0.477    -2.557091    1.200867
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
----------------------------------------------------------------------------
L.scope_as~w       -0.010           0.754***                                
                  (-0.26)          (3.31)                                   

L.percent_~s       -0.039           0.043          -0.059*         -0.001   
                  (-1.18)          (0.21)         (-1.73)         (-0.00)   

L.log_indM~s        0.032***        0.180***        0.037***        0.188***
                   (4.87)          (4.47)          (5.41)          (4.53)   

L.log_num_~s        0.083***        0.515***        0.084***        0.516***
                   (6.38)          (8.49)          (6.44)          (8.54)   

L.indMeanR~a        0.028          -0.158           0.028          -0.233   
                   (0.21)         (-0.18)          (0.21)         (-0.26)   

L.indSdRw_~a       -0.163          -0.878          -0.139          -0.678   
                  (-1.15)         (-0.96)         (-0.96)         (-0.71)   

L.scope_as~t                                       -0.035           0.558***
                                                  (-1.28)          (2.73)   
----------------------------------------------------------------------------
N                   10185           10185           10093           10093   
adj. R-sq           0.704           0.521           0.704           0.520   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2d.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2d.csv)

. eststo clear

. quiet reghdfe logIndNum_t_priv  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa if sample1==1, absorb(i.country_year i.sic_2d_2) cl( i.country_year) noconstant 

. quiet estpost summarize ///
>              scope_assetw scope_asset  if e(sample), detail

. estout using "TableAppendix2_stats_a.xls",replace cells("count mean p50 sd min max")
(output written to TableAppendix2_stats_a.xls)

. 
. * Robustness with Breuer's Data (NACE 4-digit) 
. /* in his data, the variable is also called "scope" */
. use "${path_dir}/data/5_Breuer_merged-4d.dta",clear

. eststo: reghdfe logIndNum_t_priv mc_scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.nace_4d_2 ) cl( i.country_year ) noconstant
(MWFE estimator converged in 6 iterations)

HDFE Linear regression                            Number of obs   =     72,050
Absorbing 2 HDFE groups                           F(   6,    143) =      22.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4024
                                                  Adj R-squared   =     0.3948
                                                  Within R-sq.    =     0.0081
Number of clusters (country_year) =        144    Root MSE        =     0.3508

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
         mc_scope |     .03319    .050254     0.66   0.510    -.0661468    .1325267
                  |
percent_publ_toas |
              L1. |  -.0124692   .0088109    -1.42   0.159    -.0298857    .0049473
                  |
 log_indMean_toas |
              L1. |   .0006241   .0013218     0.47   0.638    -.0019888     .003237
                  |
    log_num_firms |
              L1. |   .0359349   .0035892    10.01   0.000     .0288402    .0430296
                  |
    indMeanRw_roa |
              L1. |    .090035   .0303063     2.97   0.003     .0301287    .1499412
                  |
      indSdRw_roa |
              L1. |    .005467   .0271088     0.20   0.840    -.0481188    .0590528
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
    nace_4d_2 |       753           0         753     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv mc_scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.nace_4d_2 ) cl( i.country_year ) noconstant
(MWFE estimator converged in 6 iterations)

HDFE Linear regression                            Number of obs   =     72,050
Absorbing 2 HDFE groups                           F(   6,    143) =      25.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3229
                                                  Adj R-squared   =     0.3143
                                                  Within R-sq.    =     0.0058
Number of clusters (country_year) =        144    Root MSE        =     2.6094

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
         mc_scope |   .7784559   .3916434     1.99   0.049     .0042975    1.552614
                  |
percent_publ_toas |
              L1. |  -.0852292    .063584    -1.34   0.182    -.2109151    .0404568
                  |
 log_indMean_toas |
              L1. |    .024459   .0097812     2.50   0.014     .0051246    .0437934
                  |
    log_num_firms |
              L1. |   .2262218   .0199124    11.36   0.000      .186861    .2655825
                  |
    indMeanRw_roa |
              L1. |   .2987294   .1636539     1.83   0.070     -.024764    .6222227
                  |
      indSdRw_roa |
              L1. |  -.1880163   .1791793    -1.05   0.296    -.5421986    .1661661
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
    nace_4d_2 |       753           0         753     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------
                      (1)             (2)   
             logIndNum_~v    logIndSum_~v   
--------------------------------------------
mc_scope            0.033           0.778** 
                   (0.66)          (1.99)   

L.percent_~s       -0.012          -0.085   
                  (-1.42)         (-1.34)   

L.log_indM~s        0.001           0.024** 
                   (0.47)          (2.50)   

L.log_num_~s        0.036***        0.226***
                  (10.01)         (11.36)   

L.indMeanR~a        0.090***        0.299*  
                   (2.97)          (1.83)   

L.indSdRw_~a        0.005          -0.188   
                   (0.20)         (-1.05)   
--------------------------------------------
N                   72050           72050   
adj. R-sq           0.395           0.314   
--------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2e.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2e.csv)

. eststo clear

. **  Independent Variables: SCOPE
. corr scope_us scope mc_scope
(obs=85,650)

             | scope_us    scope mc_scope
-------------+---------------------------
    scope_us |   1.0000
       scope |   0.5381   1.0000
    mc_scope |   0.3547   0.7512   1.0000


. quiet estpost summarize ///
>             mc_scope scope_us percent_publ_toas log_indMean_toas log_num_firms indMeanRw_roa indSdRw_roa if e(sample), detail

. estout using "TableAppendix2_stats_b.xls",replace cells("count mean p50 sd min max")
(output written to TableAppendix2_stats_b.xls)

. eststo clear

. 
. *Numerator change
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. 
. gen scope2= num_firmspriv_fulldisc/num_firmspriv_disc
(688 missing values generated)

. 
. eststo: reghdfe logIndNum_t_priv c.l.scope2 l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,094
Absorbing 2 HDFE groups                           F(   6,    143) =      19.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7112
                                                  Adj R-squared   =     0.7045
                                                  Within R-sq.    =     0.0158
Number of clusters (country_year) =        144    Root MSE        =     0.5502

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
           scope2 |
              L1. |   .2234848   .0794842     2.81   0.006      .066369    .3806006
                  |
percent_publ_toas |
              L1. |  -.0380766   .0328417    -1.16   0.248    -.1029944    .0268413
                  |
 log_indMean_toas |
              L1. |   .0287161    .006078     4.72   0.000     .0167018    .0407303
                  |
    log_num_firms |
              L1. |   .0841402   .0130623     6.44   0.000     .0583201    .1099603
                  |
    indMeanRw_roa |
              L1. |   .0048873   .1324305     0.04   0.971    -.2568869    .2666616
                  |
      indSdRw_roa |
              L1. |  -.1083536   .1456087    -0.74   0.458    -.3961771      .17947
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv c.l.scope2  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,094
Absorbing 2 HDFE groups                           F(   6,    143) =      22.36
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5308
                                                  Adj R-squared   =     0.5199
                                                  Within R-sq.    =     0.0141
Number of clusters (country_year) =        144    Root MSE        =     3.7077

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
           scope2 |
              L1. |   .8446395   .3911487     2.16   0.032     .0714589     1.61782
                  |
percent_publ_toas |
              L1. |  -.0447006   .2049777    -0.22   0.828    -.4498783    .3604772
                  |
 log_indMean_toas |
              L1. |    .210408   .0407672     5.16   0.000     .1298238    .2909921
                  |
    log_num_firms |
              L1. |   .5292755   .0610229     8.67   0.000      .408652    .6498991
                  |
    indMeanRw_roa |
              L1. |  -.3101494   .8947874    -0.35   0.729    -2.078869     1.45857
                  |
      indSdRw_roa |
              L1. |  -.6234949   .9586022    -0.65   0.516    -2.518356    1.271367
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------
                      (1)             (2)   
             logIndNum_~v    logIndSum_~v   
--------------------------------------------
L.scope2            0.223***        0.845** 
                   (2.81)          (2.16)   

L.percent_~s       -0.038          -0.045   
                  (-1.16)         (-0.22)   

L.log_indM~s        0.029***        0.210***
                   (4.72)          (5.16)   

L.log_num_~s        0.084***        0.529***
                   (6.44)          (8.67)   

L.indMeanR~a        0.005          -0.310   
                   (0.04)         (-0.35)   

L.indSdRw_~a       -0.108          -0.623   
                  (-0.74)         (-0.65)   
--------------------------------------------
N                   10094           10094   
adj. R-sq           0.705           0.520   
--------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. 
. use "${path_dir}/data/5_Breuer_merged-4d.dta",clear

. eststo: reghdfe logIndNum_t_priv scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.nace_4d_2 ) cl( i.country_year ) noconstant
(dropped 1 singleton observations)
(MWFE estimator converged in 6 iterations)

HDFE Linear regression                            Number of obs   =     73,313
Absorbing 2 HDFE groups                           F(   6,    143) =      20.86
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4015
                                                  Adj R-squared   =     0.3935
                                                  Within R-sq.    =     0.0078
Number of clusters (country_year) =        144    Root MSE        =     0.3486

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |   .0804333   .0214571     3.75   0.000     .0380193    .1228474
                  |
percent_publ_toas |
              L1. |  -.0169466   .0092889    -1.82   0.070     -.035308    .0014148
                  |
 log_indMean_toas |
              L1. |  -.0013502   .0012027    -1.12   0.263    -.0037276    .0010272
                  |
    log_num_firms |
              L1. |   .0346188   .0035681     9.70   0.000     .0275657    .0416719
                  |
    indMeanRw_roa |
              L1. |   .0832802   .0280941     2.96   0.004     .0277468    .1388137
                  |
      indSdRw_roa |
              L1. |   .0029082   .0256651     0.11   0.910    -.0478238    .0536402
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
    nace_4d_2 |       811           0         811     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa , absorb(i.country_year   i.nace_4d_2 ) cl( i.country_year ) noconstant
(dropped 1 singleton observations)
(MWFE estimator converged in 6 iterations)

HDFE Linear regression                            Number of obs   =     73,313
Absorbing 2 HDFE groups                           F(   6,    143) =      24.01
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3222
                                                  Adj R-squared   =     0.3132
                                                  Within R-sq.    =     0.0054
Number of clusters (country_year) =        144    Root MSE        =     2.5943

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |   .4134103    .115385     3.58   0.000     .1853296     .641491
                  |
percent_publ_toas |
              L1. |  -.1061797   .0645538    -1.64   0.102    -.2337827    .0214232
                  |
 log_indMean_toas |
              L1. |   .0119857   .0094429     1.27   0.206      -.00668    .0306513
                  |
    log_num_firms |
              L1. |   .2164943   .0197879    10.94   0.000     .1773797    .2556089
                  |
    indMeanRw_roa |
              L1. |   .2605425   .1552577     1.68   0.096    -.0463542    .5674391
                  |
      indSdRw_roa |
              L1. |  -.1944182   .1710941    -1.14   0.258    -.5326186    .1437822
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
    nace_4d_2 |       811           0         811     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
----------------------------------------------------------------------------
L.scope2            0.223***        0.845**                                 
                   (2.81)          (2.16)                                   

L.percent_~s       -0.038          -0.045          -0.017*         -0.106   
                  (-1.16)         (-0.22)         (-1.82)         (-1.64)   

L.log_indM~s        0.029***        0.210***       -0.001           0.012   
                   (4.72)          (5.16)         (-1.12)          (1.27)   

L.log_num_~s        0.084***        0.529***        0.035***        0.216***
                   (6.44)          (8.67)          (9.70)         (10.94)   

L.indMeanR~a        0.005          -0.310           0.083***        0.261*  
                   (0.04)         (-0.35)          (2.96)          (1.68)   

L.indSdRw_~a       -0.108          -0.623           0.003          -0.194   
                  (-0.74)         (-0.65)          (0.11)         (-1.14)   

scope                                               0.080***        0.413***
                                                   (3.75)          (3.58)   
----------------------------------------------------------------------------
N                   10094           10094           73313           73313   
adj. R-sq           0.705           0.520           0.394           0.313   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix2f.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix2f.csv)

. eststo clear

. 
.         
. **# APPDX 3
. use "${path_dir}/data/Events.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. rename filing_yr year

. xtset country_sic_2d_2 year, year

Panel variable: country_sic_2d_2 (unbalanced)
 Time variable: year, 2000 to 2012, but with a gap
         Delta: 1 year

. eststo: reghdfe logIndNum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      20.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7110
                                                  Adj R-squared   =     0.7044
                                                  Within R-sq.    =     0.0152
Number of clusters (country_year) =        144    Root MSE        =     0.5492

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3484446   .1005001     3.47   0.001     .1497869    .5471023
                  |
percent_publ_toas |
              L1. |  -.0320838   .0314703    -1.02   0.310    -.0942909    .0301233
                  |
 log_indMean_toas |
              L1. |   .0285461   .0056414     5.06   0.000     .0173947    .0396975
                  |
    log_num_firms |
              L1. |   .0831954   .0129379     6.43   0.000     .0576212    .1087695
                  |
    indMeanRw_roa |
              L1. |   .0346075   .1307993     0.26   0.792    -.2239425    .2931575
                  |
      indSdRw_roa |
              L1. |  -.1423211   .1408455    -1.01   0.314    -.4207293    .1360871
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      24.60
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5314
                                                  Adj R-squared   =     0.5206
                                                  Within R-sq.    =     0.0144
Number of clusters (country_year) =        144    Root MSE        =     3.7041

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.026578   .7751677     2.61   0.010     .4943105    3.558846
                  |
percent_publ_toas |
              L1. |      -.017   .2012577    -0.08   0.933    -.4148245    .3808245
                  |
 log_indMean_toas |
              L1. |   .2027345   .0381325     5.32   0.000     .1273584    .2781106
                  |
    log_num_firms |
              L1. |   .5293103   .0605468     8.74   0.000     .4096279    .6489927
                  |
    indMeanRw_roa |
              L1. |  -.0818786   .8916777    -0.09   0.927    -1.844451    1.680694
                  |
      indSdRw_roa |
              L1. |  -.8253935    .925184    -0.89   0.374    -2.654198    1.003411
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.ipo_shock l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      23.58
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7140
                                                  Adj R-squared   =     0.7074
                                                  Within R-sq.    =     0.0252
Number of clusters (country_year) =        144    Root MSE        =     0.5464

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3378291   .0984581     3.43   0.001     .1432077    .5324505
                  |
        ipo_shock |
              L1. |   .2014381   .0395643     5.09   0.000     .1232317    .2796445
                  |
percent_publ_toas |
              L1. |  -.0329286   .0312315    -1.05   0.294    -.0946637    .0288065
                  |
 log_indMean_toas |
              L1. |   .0283592   .0054701     5.18   0.000     .0175465    .0391719
                  |
    log_num_firms |
              L1. |   .0784023   .0132689     5.91   0.000     .0521737    .1046308
                  |
    indMeanRw_roa |
              L1. |   .0497006    .129955     0.38   0.703    -.2071804    .3065816
                  |
      indSdRw_roa |
              L1. |  -.1294779   .1384562    -0.94   0.351    -.4031631    .1442073
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.ipo_shock l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      21.94
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5319
                                                  Adj R-squared   =     0.5211
                                                  Within R-sq.    =     0.0154
Number of clusters (country_year) =        144    Root MSE        =     3.7024

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.004094   .7725807     2.59   0.010     .4769401    3.531249
                  |
        ipo_shock |
              L1. |   .4266536   .1576496     2.71   0.008     .1150288    .7382784
                  |
percent_publ_toas |
              L1. |  -.0187893   .2012537    -0.09   0.926    -.4166059    .3790272
                  |
 log_indMean_toas |
              L1. |   .2023388   .0380373     5.32   0.000     .1271508    .2775267
                  |
    log_num_firms |
              L1. |   .5191583   .0609999     8.51   0.000     .3985803    .6397363
                  |
    indMeanRw_roa |
              L1. |  -.0499107   .8905457    -0.06   0.955    -1.810246    1.710424
                  |
      indSdRw_roa |
              L1. |  -.7981911   .9213786    -0.87   0.388    -2.619473    1.023091
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.with_shock l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      17.58
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7112
                                                  Adj R-squared   =     0.7045
                                                  Within R-sq.    =     0.0157
Number of clusters (country_year) =        144    Root MSE        =     0.5491

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3454148   .0992488     3.48   0.001     .1492304    .5415991
                  |
       with_shock |
              L1. |   .0711808   .0571728     1.25   0.215    -.0418323    .1841938
                  |
percent_publ_toas |
              L1. |  -.0324915   .0315706    -1.03   0.305    -.0948969    .0299139
                  |
 log_indMean_toas |
              L1. |   .0284881   .0056277     5.06   0.000     .0173639    .0396123
                  |
    log_num_firms |
              L1. |    .082548   .0131276     6.29   0.000     .0565989    .1084972
                  |
    indMeanRw_roa |
              L1. |   .0338911   .1305113     0.26   0.795    -.2240897    .2918719
                  |
      indSdRw_roa |
              L1. |   -.142728   .1415927    -1.01   0.315    -.4226131    .1371572
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.with_shock l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      21.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5314
                                                  Adj R-squared   =     0.5206
                                                  Within R-sq.    =     0.0144
Number of clusters (country_year) =        144    Root MSE        =     3.7042

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.030155   .7748979     2.62   0.010       .49842    3.561889
                  |
       with_shock |
              L1. |  -.0840151   .2529945    -0.33   0.740    -.5841075    .4160772
                  |
percent_publ_toas |
              L1. |  -.0165187   .2013627    -0.08   0.935    -.4145507    .3815133
                  |
 log_indMean_toas |
              L1. |   .2028029   .0381179     5.32   0.000     .1274556    .2781503
                  |
    log_num_firms |
              L1. |   .5300744   .0608238     8.71   0.000     .4098445    .6503042
                  |
    indMeanRw_roa |
              L1. |  -.0810331   .8921489    -0.09   0.928    -1.844537    1.682471
                  |
      indSdRw_roa |
              L1. |  -.8249132   .9247429    -0.89   0.374    -2.652845    1.003019
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.public_ma l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      23.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7129
                                                  Adj R-squared   =     0.7063
                                                  Within R-sq.    =     0.0215
Number of clusters (country_year) =        144    Root MSE        =     0.5474

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |    .341903   .1015747     3.37   0.001     .1411211    .5426848
                  |
        public_ma |
              L1. |   .2556089   .0400839     6.38   0.000     .1763753    .3348424
                  |
percent_publ_toas |
              L1. |  -.0308517   .0312565    -0.99   0.325    -.0926361    .0309327
                  |
 log_indMean_toas |
              L1. |   .0281931   .0055968     5.04   0.000       .01713    .0392563
                  |
    log_num_firms |
              L1. |   .0813979     .01289     6.31   0.000     .0559183    .1068775
                  |
    indMeanRw_roa |
              L1. |   .0318064   .1304258     0.24   0.808    -.2260052     .289618
                  |
      indSdRw_roa |
              L1. |   -.137505   .1400762    -0.98   0.328    -.4143925    .1393826
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.public_ma l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   7,    143) =      23.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5321
                                                  Adj R-squared   =     0.5213
                                                  Within R-sq.    =     0.0158
Number of clusters (country_year) =        144    Root MSE        =     3.7017

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.006045   .7887396     2.54   0.012     .4469499    3.565141
                  |
        public_ma |
              L1. |   .8023163   .1927873     4.16   0.000     .4212353    1.183397
                  |
percent_publ_toas |
              L1. |  -.0131325   .2006913    -0.07   0.948    -.4098375    .3835725
                  |
 log_indMean_toas |
              L1. |   .2016267   .0380425     5.30   0.000     .1264284     .276825
                  |
    log_num_firms |
              L1. |   .5236683   .0604192     8.67   0.000     .4042381    .6430986
                  |
    indMeanRw_roa |
              L1. |  -.0906708   .8899041    -0.10   0.919    -1.849737    1.668396
                  |
      indSdRw_roa |
              L1. |  -.8102764   .9245016    -0.88   0.382    -2.637732    1.017179
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.ipo_shock l.with_shock l.public_ma l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year )
>  noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   9,    143) =      22.39
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7156
                                                  Adj R-squared   =     0.7089
                                                  Within R-sq.    =     0.0305
Number of clusters (country_year) =        144    Root MSE        =     0.5449

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .3314318   .0988119     3.35   0.001     .1361111    .5267524
                  |
        ipo_shock |
              L1. |   .1894344   .0381227     4.97   0.000     .1140775    .2647913
                  |
       with_shock |
              L1. |   .0245093   .0537213     0.46   0.649    -.0816811    .1306998
                  |
        public_ma |
              L1. |   .2339224   .0411023     5.69   0.000     .1526759     .315169
                  |
percent_publ_toas |
              L1. |  -.0318911   .0311158    -1.02   0.307    -.0933974    .0296152
                  |
 log_indMean_toas |
              L1. |   .0280274   .0054454     5.15   0.000     .0172636    .0387912
                  |
    log_num_firms |
              L1. |     .07682   .0133568     5.75   0.000     .0504177    .1032223
                  |
    indMeanRw_roa |
              L1. |   .0459911   .1296056     0.35   0.723    -.2101993    .3021816
                  |
      indSdRw_roa |
              L1. |  -.1259758   .1383659    -0.91   0.364    -.3994826     .147531
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.ipo_shock l.with_shock l.public_ma l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year )
>  noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   9,    143) =      18.80
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5325
                                                  Adj R-squared   =     0.5216
                                                  Within R-sq.    =     0.0167
Number of clusters (country_year) =        144    Root MSE        =     3.7003

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |    1.99375   .7866314     2.53   0.012     .4388216    3.548678
                  |
        ipo_shock |
              L1. |   .4087621    .156994     2.60   0.010     .0984332     .719091
                  |
       with_shock |
              L1. |  -.1948037   .2538556    -0.77   0.444     -.696598    .3069906
                  |
        public_ma |
              L1. |   .7650444   .1968318     3.89   0.000     .3759684     1.15412
                  |
percent_publ_toas |
              L1. |  -.0139108    .200706    -0.07   0.945    -.4106448    .3828233
                  |
 log_indMean_toas |
              L1. |   .2014576   .0379621     5.31   0.000     .1264182    .2764971
                  |
    log_num_firms |
              L1. |   .5159758   .0610317     8.45   0.000     .3953349    .6366167
                  |
    indMeanRw_roa |
              L1. |  -.0576745   .8899153    -0.06   0.948    -1.816763    1.701414
                  |
      indSdRw_roa |
              L1. |  -.7838035   .9197843    -0.85   0.396    -2.601934    1.034327
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. esttab,  replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)            (10)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
L.scope             0.348***        2.027***        0.338***        2.004**         0.345***        2.030***        0.342***        2.006**         0.331***        1.994** 
                   (3.47)          (2.61)          (3.43)          (2.59)          (3.48)          (2.62)          (3.37)          (2.54)          (3.35)          (2.53)   

L.percent_~s       -0.032          -0.017          -0.033          -0.019          -0.032          -0.017          -0.031          -0.013          -0.032          -0.014   
                  (-1.02)         (-0.08)         (-1.05)         (-0.09)         (-1.03)         (-0.08)         (-0.99)         (-0.07)         (-1.02)         (-0.07)   

L.log_indM~s        0.029***        0.203***        0.028***        0.202***        0.028***        0.203***        0.028***        0.202***        0.028***        0.201***
                   (5.06)          (5.32)          (5.18)          (5.32)          (5.06)          (5.32)          (5.04)          (5.30)          (5.15)          (5.31)   

L.log_num_~s        0.083***        0.529***        0.078***        0.519***        0.083***        0.530***        0.081***        0.524***        0.077***        0.516***
                   (6.43)          (8.74)          (5.91)          (8.51)          (6.29)          (8.71)          (6.31)          (8.67)          (5.75)          (8.45)   

L.indMeanR~a        0.035          -0.082           0.050          -0.050           0.034          -0.081           0.032          -0.091           0.046          -0.058   
                   (0.26)         (-0.09)          (0.38)         (-0.06)          (0.26)         (-0.09)          (0.24)         (-0.10)          (0.35)         (-0.06)   

L.indSdRw_~a       -0.142          -0.825          -0.129          -0.798          -0.143          -0.825          -0.138          -0.810          -0.126          -0.784   
                  (-1.01)         (-0.89)         (-0.94)         (-0.87)         (-1.01)         (-0.89)         (-0.98)         (-0.88)         (-0.91)         (-0.85)   

L.ipo_shock                                         0.201***        0.427***                                                                        0.189***        0.409** 
                                                   (5.09)          (2.71)                                                                          (4.97)          (2.60)   

L.with_shock                                                                        0.071          -0.084                                           0.025          -0.195   
                                                                                   (1.25)         (-0.33)                                          (0.46)         (-0.77)   

L.public_ma                                                                                                         0.256***        0.802***        0.234***        0.765***
                                                                                                                   (6.38)          (4.16)          (5.69)          (3.89)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
N                   10185           10185           10185           10185           10185           10185           10185           10185           10185           10185   
adj. R-sq           0.704           0.521           0.707           0.521           0.705           0.521           0.706           0.521           0.709           0.522   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix3.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix3.csv)

. eststo clear

. 
. 
. **# APPDX 4
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. joinby country year sic_2d using "${path_dir}/data/ifrs_3_scope-2d.dta",unm(master)  

. eststo: reghdfe logIndNum_t_priv l.scope_assets  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      20.50
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7111
                                                  Adj R-squared   =     0.7044
                                                  Within R-sq.    =     0.0153
Number of clusters (country_year) =        144    Root MSE        =     0.5491

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assets |
              L1. |   .3838479   .1006278     3.81   0.000     .1849376    .5827581
                  |
percent_publ_toas |
              L1. |  -.0320023   .0313799    -1.02   0.310    -.0940307     .030026
                  |
 log_indMean_toas |
              L1. |   .0284378   .0056282     5.05   0.000     .0173125    .0395631
                  |
    log_num_firms |
              L1. |   .0833511   .0129403     6.44   0.000     .0577722    .1089301
                  |
    indMeanRw_roa |
              L1. |    .033553   .1301705     0.26   0.797    -.2237539      .29086
                  |
      indSdRw_roa |
              L1. |  -.1416275   .1413821    -1.00   0.318    -.4210965    .1378414
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndSum_t_priv l.scope_assets  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      24.54
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5315
                                                  Adj R-squared   =     0.5207
                                                  Within R-sq.    =     0.0145
Number of clusters (country_year) =        144    Root MSE        =     3.7039

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assets |
              L1. |   2.197362   .8413434     2.61   0.010     .5342848    3.860439
                  |
percent_publ_toas |
              L1. |  -.0170628    .200787    -0.08   0.932    -.4139569    .3798314
                  |
 log_indMean_toas |
              L1. |   .2023602   .0379822     5.33   0.000      .127281    .2774394
                  |
    log_num_firms |
              L1. |   .5301378   .0605628     8.75   0.000     .4104239    .6498517
                  |
    indMeanRw_roa |
              L1. |  -.0885989   .8890913    -0.10   0.921    -1.846059    1.668861
                  |
      indSdRw_roa |
              L1. |  -.8232549   .9264985    -0.89   0.376    -2.654657    1.008148
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndNum_t_priv l.scope_liab  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      20.82
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7110
                                                  Adj R-squared   =     0.7044
                                                  Within R-sq.    =     0.0152
Number of clusters (country_year) =        144    Root MSE        =     0.5492

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
       scope_liab |
              L1. |   .3677871   .0931241     3.95   0.000     .1837095    .5518647
                  |
percent_publ_toas |
              L1. |   -.032958   .0315606    -1.04   0.298    -.0953436    .0294276
                  |
 log_indMean_toas |
              L1. |   .0287385   .0057172     5.03   0.000     .0174373    .0400397
                  |
    log_num_firms |
              L1. |   .0827683   .0129821     6.38   0.000     .0571068    .1084299
                  |
    indMeanRw_roa |
              L1. |   .0450703   .1308707     0.34   0.731    -.2136208    .3037614
                  |
      indSdRw_roa |
              L1. |  -.1492308   .1420375    -1.05   0.295    -.4299952    .1315336
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope_liab  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      24.56
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5313
                                                  Adj R-squared   =     0.5205
                                                  Within R-sq.    =     0.0141
Number of clusters (country_year) =        144    Root MSE        =     3.7045

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
       scope_liab |
              L1. |   1.676169   .8398703     2.00   0.048     .0160039    3.336334
                  |
percent_publ_toas |
              L1. |  -.0282614   .2016636    -0.14   0.889    -.4268881    .3703654
                  |
 log_indMean_toas |
              L1. |   .2069889   .0384207     5.39   0.000     .1310429    .2829348
                  |
    log_num_firms |
              L1. |   .5264807   .0605839     8.69   0.000     .4067249    .6462365
                  |
    indMeanRw_roa |
              L1. |  -.0436055   .8939558    -0.05   0.961    -1.810681     1.72347
                  |
      indSdRw_roa |
              L1. |  -.8820791   .9251454    -0.95   0.342    -2.710807    .9466486
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. eststo: reghdfe logIndNum_t_priv l.scope_ebta  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      19.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7112
                                                  Adj R-squared   =     0.7045
                                                  Within R-sq.    =     0.0156
Number of clusters (country_year) =        144    Root MSE        =     0.5490

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
       scope_ebta |
              L1. |   .4330965   .0989753     4.38   0.000     .2374528    .6287403
                  |
percent_publ_toas |
              L1. |  -.0327782   .0314369    -1.04   0.299    -.0949194    .0293629
                  |
 log_indMean_toas |
              L1. |   .0285495   .0056601     5.04   0.000     .0173612    .0397379
                  |
    log_num_firms |
              L1. |   .0834409   .0129806     6.43   0.000     .0577821    .1090996
                  |
    indMeanRw_roa |
              L1. |   .0462365   .1302269     0.36   0.723     -.211182     .303655
                  |
      indSdRw_roa |
              L1. |  -.1393552   .1421321    -0.98   0.329    -.4203066    .1415962
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe logIndSum_t_priv l.scope_ebta  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   6,    143) =      24.49
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5314
                                                  Adj R-squared   =     0.5206
                                                  Within R-sq.    =     0.0143
Number of clusters (country_year) =        144    Root MSE        =     3.7042

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
       scope_ebta |
              L1. |    1.95877    .815938     2.40   0.018     .3459113    3.571628
                  |
percent_publ_toas |
              L1. |  -.0276189   .2010723    -0.14   0.891     -.425077    .3698393
                  |
 log_indMean_toas |
              L1. |   .2062207   .0380648     5.42   0.000     .1309783    .2814631
                  |
    log_num_firms |
              L1. |   .5295129   .0606073     8.74   0.000     .4097109    .6493149
                  |
    indMeanRw_roa |
              L1. |  -.0389543   .8923946    -0.04   0.965    -1.802944    1.725035
                  |
      indSdRw_roa |
              L1. |    -.83787   .9273964    -0.90   0.368    -2.671047    .9953072
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. eststo: reghdfe logIndNum_t_priv l.scope_assets l.scope_liab  l.scope_ebta  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) no
> constant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   8,    143) =      15.48
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7112
                                                  Adj R-squared   =     0.7045
                                                  Within R-sq.    =     0.0158
Number of clusters (country_year) =        144    Root MSE        =     0.5490

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assets |
              L1. |  -.2962731   .4121833    -0.72   0.473    -1.111033    .5184864
                  |
       scope_liab |
              L1. |  -.4370317    .334182    -1.31   0.193    -1.097607    .2235433
                  |
       scope_ebta |
              L1. |   1.111698   .4347387     2.56   0.012     .2523529    1.971042
                  |
percent_publ_toas |
              L1. |  -.0351642   .0312738    -1.12   0.263     -.096983    .0266545
                  |
 log_indMean_toas |
              L1. |   .0294651   .0056766     5.19   0.000     .0182443     .040686
                  |
    log_num_firms |
              L1. |   .0839367   .0130067     6.45   0.000     .0582266    .1096469
                  |
    indMeanRw_roa |
              L1. |   .0498983   .1274708     0.39   0.696    -.2020723    .3018689
                  |
      indSdRw_roa |
              L1. |  -.1349051   .1422832    -0.95   0.345    -.4161552    .1463449
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. eststo: reghdfe logIndSum_t_priv  l.scope_assets l.scope_liab  l.scope_ebta  l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) n
> oconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =     10,185
Absorbing 2 HDFE groups                           F(   8,    143) =      18.49
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5315
                                                  Adj R-squared   =     0.5207
                                                  Within R-sq.    =     0.0146
Number of clusters (country_year) =        144    Root MSE        =     3.7040

                              (Std. err. adjusted for 144 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
     scope_assets |
              L1. |   4.435187   2.856353     1.55   0.123    -1.210943    10.08132
                  |
       scope_liab |
              L1. |  -3.224667   2.517152    -1.28   0.202    -8.200301    1.750967
                  |
       scope_ebta |
              L1. |   .7181087   2.700184     0.27   0.791    -4.619323    6.055541
                  |
percent_publ_toas |
              L1. |  -.0174739   .2002941    -0.09   0.931    -.4133936    .3784458
                  |
 log_indMean_toas |
              L1. |   .2034814   .0379883     5.36   0.000     .1283903    .2785725
                  |
    log_num_firms |
              L1. |   .5342991   .0609085     8.77   0.000     .4139017    .6546964
                  |
    indMeanRw_roa |
              L1. |  -.1767682   .8856726    -0.20   0.842     -1.92747    1.573934
                  |
      indSdRw_roa |
              L1. |   -.779328   .9262395    -0.84   0.402    -2.610218    1.051562
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       144         144           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. esttab , replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

--------------------------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
             logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v    logIndNum_~v    logIndSum_~v   
--------------------------------------------------------------------------------------------------------------------------------------------
L.scope_as~s        0.384***        2.197***                                                                       -0.296           4.435   
                   (3.81)          (2.61)                                                                         (-0.72)          (1.55)   

L.percent_~s       -0.032          -0.017          -0.033          -0.028          -0.033          -0.028          -0.035          -0.017   
                  (-1.02)         (-0.08)         (-1.04)         (-0.14)         (-1.04)         (-0.14)         (-1.12)         (-0.09)   

L.log_indM~s        0.028***        0.202***        0.029***        0.207***        0.029***        0.206***        0.029***        0.203***
                   (5.05)          (5.33)          (5.03)          (5.39)          (5.04)          (5.42)          (5.19)          (5.36)   

L.log_num_~s        0.083***        0.530***        0.083***        0.526***        0.083***        0.530***        0.084***        0.534***
                   (6.44)          (8.75)          (6.38)          (8.69)          (6.43)          (8.74)          (6.45)          (8.77)   

L.indMeanR~a        0.034          -0.089           0.045          -0.044           0.046          -0.039           0.050          -0.177   
                   (0.26)         (-0.10)          (0.34)         (-0.05)          (0.36)         (-0.04)          (0.39)         (-0.20)   

L.indSdRw_~a       -0.142          -0.823          -0.149          -0.882          -0.139          -0.838          -0.135          -0.779   
                  (-1.00)         (-0.89)         (-1.05)         (-0.95)         (-0.98)         (-0.90)         (-0.95)         (-0.84)   

L.scope_liab                                        0.368***        1.676**                                        -0.437          -3.225   
                                                   (3.95)          (2.00)                                         (-1.31)         (-1.28)   

L.scope_ebta                                                                        0.433***        1.959**         1.112**         0.718   
                                                                                   (4.38)          (2.40)          (2.56)          (0.27)   
--------------------------------------------------------------------------------------------------------------------------------------------
N                   10185           10185           10185           10185           10185           10185           10185           10185   
adj. R-sq           0.704           0.521           0.704           0.521           0.705           0.521           0.705           0.521   
--------------------------------------------------------------------------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix4.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix4.csv)

. eststo clear

. 
. **# APPDX 5
. use "${path_dir}/data/2_dealLevel data merged-2d_extended.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. gen fulldisclosure=t_fulldisclosure==1

. local myresults "Full_disc = r(mu_2) Non_full_disc= r(mu_1) Diff = (r(mu_2)-r(mu_1)) pvalue = r(p)"

. table (command) (result), command(`myresults': ttest wt_assets, by(fulldisclosure) unequal) /// 
>  command(`myresults': ttest wt_leverage, by(fulldisclosure) unequal) ///
>  command(`myresults': ttest wt_roa , by(fulldisclosure) unequal) ///
>  command(`myresults': ttest log_entvalue, by(fulldisclosure) unequal) ///
>  command(`myresults': ttest log_value_ebit, by(fulldisclosure) unequal) ///
>  command(`myresults': ttest wa_assets, by(fulldisclosure) unequal) ///
>  command(`myresults': ttest wa_leverage, by(fulldisclosure) unequal) ///
>  command(`myresults': ttest wa_roa , by(fulldisclosure) unequal) ///
>  nformat(%6.3f  Full_disc Non_full_disc Diff)  ///
>  nformat(%6.3f  pvalue)

-----------------------------------------------------------------------------------------------
                                                 |  Full_disc   Non_full_disc     Diff   pvalue
-------------------------------------------------+---------------------------------------------
ttest wt_assets, by(fulldisclosure) unequal      |      9.508           7.102    2.407    0.000
ttest wt_leverage, by(fulldisclosure) unequal    |      0.689           0.743   -0.054    0.000
ttest wt_roa , by(fulldisclosure) unequal        |      0.089           0.026    0.063    0.000
ttest log_entvalue, by(fulldisclosure) unequal   |      0.536           0.703   -0.167    0.000
ttest log_value_ebit, by(fulldisclosure) unequal |      2.434           2.607   -0.173    0.001
ttest wa_assets, by(fulldisclosure) unequal      |     10.877           9.704    1.174    0.000
ttest wa_leverage, by(fulldisclosure) unequal    |      0.543           0.552   -0.009    0.186
ttest wa_roa , by(fulldisclosure) unequal        |      0.070           0.064    0.007    0.068
-----------------------------------------------------------------------------------------------

. collect clear 

. 
. **# APPDX 6
. use "${path_dir}/data/2_dealLevel_vert_integration.dta", clear

. local deal_level_controls = "pre_t_size wpre_t_lev wpre_t_roa pre_a_size wpre_a_lev wpre_a_roa "

. eststo: reghdfe integration c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year)
(dropped 99 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =     10,032
Absorbing 2 HDFE groups                           F(  12,     95) =       1.52
Statistics robust to heteroskedasticity           Prob > F        =     0.1303
                                                  R-squared       =     0.2259
                                                  Adj R-squared   =     0.1762
                                                  Within R-sq.    =     0.0015
Number of clusters (country_year) =         96    Root MSE        =     0.0262

                                (Std. err. adjusted for 96 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
       integration | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
            Lscope |  -.0299361   .0127363    -2.35   0.021    -.0552207   -.0046514
Lpercent_publ_toas |  -.0047269   .0042002    -1.13   0.263    -.0130653    .0036114
 Llog_indMean_toas |   .0016379   .0009397     1.74   0.085    -.0002277    .0035034
    Llog_num_firms |  -.0010556   .0016332    -0.65   0.520    -.0042979    .0021868
    LindMeanRw_roa |  -.0109879    .028305    -0.39   0.699    -.0671804    .0452046
      LindSdRw_roa |  -.0336798   .0387647    -0.87   0.387    -.1106375    .0432779
        pre_t_size |   .0002645   .0001944     1.36   0.177    -.0001215    .0006504
        wpre_t_lev |     .00028   .0004722     0.59   0.555    -.0006574    .0012175
        wpre_t_roa |   .0010813   .0011842     0.91   0.364    -.0012697    .0034323
        pre_a_size |  -.0001435   .0001558    -0.92   0.359    -.0004528    .0001657
        wpre_a_lev |  -.0008993   .0010194    -0.88   0.380     -.002923    .0011244
        wpre_a_roa |   .0017317   .0021111     0.82   0.414    -.0024594    .0059228
             _cons |   .0043993   .0239538     0.18   0.855    -.0431549    .0519536
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        96          96           0    *|
 country_sic_2d_2 |       498           0         498     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe integration c.fulldisclosure Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year)
(dropped 100 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =     10,046
Absorbing 2 HDFE groups                           F(  12,     95) =       1.18
Statistics robust to heteroskedasticity           Prob > F        =     0.3077
                                                  R-squared       =     0.2258
                                                  Adj R-squared   =     0.1758
                                                  Within R-sq.    =     0.0012
Number of clusters (country_year) =         96    Root MSE        =     0.0262

                                (Std. err. adjusted for 96 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
       integration | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0012335   .0007235     1.70   0.092     -.000203    .0026699
Lpercent_publ_toas |  -.0048723   .0041602    -1.17   0.244    -.0131315    .0033868
 Llog_indMean_toas |   .0013814   .0009222     1.50   0.137    -.0004495    .0032123
    Llog_num_firms |  -.0011048   .0016227    -0.68   0.498    -.0043263    .0021167
    LindMeanRw_roa |  -.0170167   .0282019    -0.60   0.548    -.0730046    .0389711
      LindSdRw_roa |  -.0204295    .037766    -0.54   0.590    -.0954044    .0545455
        pre_t_size |   .0001819   .0001884     0.97   0.337    -.0001923     .000556
        wpre_t_lev |   .0002285   .0004723     0.48   0.630    -.0007092    .0011661
        wpre_t_roa |   .0010337   .0011855     0.87   0.385    -.0013197    .0033871
        pre_a_size |  -.0001415   .0001549    -0.91   0.363    -.0004491     .000166
        wpre_a_lev |  -.0009493   .0010177    -0.93   0.353    -.0029697    .0010711
        wpre_a_roa |   .0017815   .0021062     0.85   0.400    -.0023998    .0059629
             _cons |   .0050182   .0236977     0.21   0.833    -.0420278    .0520641
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        96          96           0    *|
 country_sic_2d_2 |       502           0         502     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe integration c.fulldisclosure c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year)
(dropped 99 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =     10,032
Absorbing 2 HDFE groups                           F(  13,     95) =       1.58
Statistics robust to heteroskedasticity           Prob > F        =     0.1039
                                                  R-squared       =     0.2261
                                                  Adj R-squared   =     0.1763
                                                  Within R-sq.    =     0.0017
Number of clusters (country_year) =         96    Root MSE        =     0.0262

                                (Std. err. adjusted for 96 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
       integration | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0012491   .0007226     1.73   0.087    -.0001855    .0026837
            Lscope |  -.0300961   .0127786    -2.36   0.021    -.0554648   -.0047273
Lpercent_publ_toas |  -.0046244    .004215    -1.10   0.275    -.0129922    .0037433
 Llog_indMean_toas |   .0016064   .0009346     1.72   0.089    -.0002491    .0034619
    Llog_num_firms |   -.001069   .0016351    -0.65   0.515    -.0043151     .002177
    LindMeanRw_roa |  -.0113661   .0282392    -0.40   0.688     -.067428    .0446959
      LindSdRw_roa |  -.0326127   .0386107    -0.84   0.400    -.1092645    .0440391
        pre_t_size |    .000183   .0001884     0.97   0.334    -.0001911     .000557
        wpre_t_lev |   .0002538   .0004737     0.54   0.593    -.0006867    .0011943
        wpre_t_roa |   .0010644   .0011868     0.90   0.372    -.0012918    .0034205
        pre_a_size |  -.0001425   .0001555    -0.92   0.362    -.0004513    .0001662
        wpre_a_lev |  -.0009088   .0010185    -0.89   0.374    -.0029308    .0011131
        wpre_a_roa |     .00175   .0021092     0.83   0.409    -.0024372    .0059372
             _cons |   .0052356   .0238998     0.22   0.827    -.0422115    .0526827
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        96          96           0    *|
 country_sic_2d_2 |       498           0         498     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe integration c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) 
(dropped 99 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =     10,032
Absorbing 2 HDFE groups                           F(  14,     95) =       1.46
Statistics robust to heteroskedasticity           Prob > F        =     0.1400
                                                  R-squared       =     0.2261
                                                  Adj R-squared   =     0.1763
                                                  Within R-sq.    =     0.0017
Number of clusters (country_year) =         96    Root MSE        =     0.0262

                                       (Std. err. adjusted for 96 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
              integration | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |   .0009894   .0010827     0.91   0.363    -.0011599    .0031388
                   Lscope |  -.0305077   .0130666    -2.33   0.022    -.0564481   -.0045673
                          |
c.fulldisclosure#c.Lscope |   .0043985   .0116221     0.38   0.706    -.0186742    .0274712
                          |
       Lpercent_publ_toas |  -.0046031   .0042174    -1.09   0.278    -.0129756    .0037695
        Llog_indMean_toas |   .0015926   .0009376     1.70   0.093    -.0002687    .0034539
           Llog_num_firms |  -.0010449   .0016283    -0.64   0.523    -.0042774    .0021877
           LindMeanRw_roa |   -.011696    .028262    -0.41   0.680    -.0678032    .0444112
             LindSdRw_roa |  -.0322303    .038721    -0.83   0.407    -.1091013    .0446406
               pre_t_size |   .0001898   .0001917     0.99   0.325    -.0001908    .0005703
               wpre_t_lev |   .0002558   .0004719     0.54   0.589     -.000681    .0011926
               wpre_t_roa |   .0010727   .0011792     0.91   0.365    -.0012683    .0034137
               pre_a_size |  -.0001426   .0001556    -0.92   0.362    -.0004515    .0001664
               wpre_a_lev |   -.000911   .0010176    -0.90   0.373    -.0029313    .0011092
               wpre_a_roa |    .001761   .0021078     0.84   0.406    -.0024236    .0059456
                    _cons |   .0051185   .0238732     0.21   0.831    -.0422758    .0525128
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        96          96           0    *|
 country_sic_2d_2 |       498           0         498     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab , replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
              integration     integration     integration     integration   
----------------------------------------------------------------------------
Lscope             -0.030**                        -0.030**        -0.031** 
                  (-2.35)                         (-2.36)         (-2.33)   

Lper~bl_toas       -0.005          -0.005          -0.005          -0.005   
                  (-1.13)         (-1.17)         (-1.10)         (-1.09)   

Llog_indMe~s        0.002*          0.001           0.002*          0.002*  
                   (1.74)          (1.50)          (1.72)          (1.70)   

Llog_num_f~s       -0.001          -0.001          -0.001          -0.001   
                  (-0.65)         (-0.68)         (-0.65)         (-0.64)   

LindMeanRw~a       -0.011          -0.017          -0.011          -0.012   
                  (-0.39)         (-0.60)         (-0.40)         (-0.41)   

LindSdRw_roa       -0.034          -0.020          -0.033          -0.032   
                  (-0.87)         (-0.54)         (-0.84)         (-0.83)   

pre_t_size          0.000           0.000           0.000           0.000   
                   (1.36)          (0.97)          (0.97)          (0.99)   

wpre_t_lev          0.000           0.000           0.000           0.000   
                   (0.59)          (0.48)          (0.54)          (0.54)   

wpre_t_roa          0.001           0.001           0.001           0.001   
                   (0.91)          (0.87)          (0.90)          (0.91)   

pre_a_size         -0.000          -0.000          -0.000          -0.000   
                  (-0.92)         (-0.91)         (-0.92)         (-0.92)   

wpre_a_lev         -0.001          -0.001          -0.001          -0.001   
                  (-0.88)         (-0.93)         (-0.89)         (-0.90)   

wpre_a_roa          0.002           0.002           0.002           0.002   
                   (0.82)          (0.85)          (0.83)          (0.84)   

fulldisclo~e                        0.001*          0.001*          0.001   
                                   (1.70)          (1.73)          (0.91)   

c.fulldisc~e                                                        0.004   
                                                                   (0.38)   

_cons               0.004           0.005           0.005           0.005   
                   (0.18)          (0.21)          (0.22)          (0.21)   
----------------------------------------------------------------------------
N                   10032           10046           10032           10032   
adj. R-sq           0.176           0.176           0.176           0.176   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix6.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix6.csv)

. eststo clear

. 
. 
. **# APPDX 7
. use "${path_dir}/data/SIC2_panel.dta", clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. xtset sic_country deal_year, yearly

Panel variable: sic_country (strongly balanced)
 Time variable: deal_year, 2000 to 2016
         Delta: 1 year

. gen country_sample=1 if cntrycde=="AT" | cntrycde=="BE" | cntrycde=="DK" | cntrycde=="DE" | cntrycde=="ES" | cntrycde=="FI" | cntrycde=="FR" | cntrycde=="IT" | cntrycde=="IE" | cntrycde=="NL" | cntrycde=="SE" | cntrycde
> =="UK" 
(16,541 missing values generated)

. drop if cntrycde=="ES" | cntrycde=="UK"
(2,652 observations deleted)

. sort sic_country deal_year disclosure

. bysort sic_country: gen n=deal_year if disclosure==1 & disclosure[_n-1]==0 & disclosure[_n-1]!=.
(27,239 missing values generated)

. bysort sic2 cntrycde: egen treatment=max(n)
(1,360 missing values generated)

. replace treatment=0 if cntrycde=="US"
(1,360 real changes made)

. label variable log_private "No. of Targets (log)"

. label variable log_privassets "Sum of Targets' Assets (log)"

. replace country_sample=1 if cntrycde=="US"
(1,360 real changes made)

. 
. gen ifrs=0

. replace ifrs=1 if cntrycde=="AT" & deal_year>2005
(737 real changes made)

. replace ifrs=1 if cntrycde=="BE" & deal_year>2005
(803 real changes made)

. replace ifrs=1 if cntrycde=="DK" & deal_year>2005
(803 real changes made)

. replace ifrs=1 if cntrycde=="DE" & deal_year>2005
(825 real changes made)

. replace ifrs=1 if cntrycde=="ES" & deal_year>2005
(0 real changes made)

. replace ifrs=1 if cntrycde=="FI" & deal_year>2005
(814 real changes made)

. replace ifrs=1 if cntrycde=="FR" & deal_year>2005
(836 real changes made)

. replace ifrs=1 if cntrycde=="IT" & deal_year>2005
(814 real changes made)

. replace ifrs=1 if cntrycde=="IE" & deal_year>2005
(726 real changes made)

. replace ifrs=1 if cntrycde=="NL" & deal_year>2005
(847 real changes made)

. replace ifrs=1 if cntrycde=="SE" & deal_year>2005
(814 real changes made)

. replace ifrs=1 if cntrycde=="UK" & deal_year>2005
(0 real changes made)

. 
. gen mad=0

. replace mad=1 if cntrycde=="AT" & deal_year>2005
(737 real changes made)

. replace mad=1 if cntrycde=="BE" & deal_year>2005
(803 real changes made)

. replace mad=1 if cntrycde=="DK" & deal_year>2005
(803 real changes made)

. replace mad=1 if cntrycde=="DE" & deal_year>2004
(900 real changes made)

. replace mad=1 if cntrycde=="ES" & deal_year>2005
(0 real changes made)

. replace mad=1 if cntrycde=="FI" & deal_year>2005
(814 real changes made)

. replace mad=1 if cntrycde=="FR" & deal_year>2005
(836 real changes made)

. replace mad=1 if cntrycde=="IT" & deal_year>2005
(814 real changes made)

. replace mad=1 if cntrycde=="IE" & deal_year>2005
(726 real changes made)

. replace mad=1 if cntrycde=="NL" & deal_year>2005
(847 real changes made)

. replace mad=1 if cntrycde=="SE" & deal_year>2005
(814 real changes made)

. replace mad=1 if cntrycde=="UK" & deal_year>2005
(0 real changes made)

. 
. gen td=0

. replace td=1 if cntrycde=="AT" & deal_year>2007
(603 real changes made)

. replace td=1 if cntrycde=="BE" & deal_year>2008
(584 real changes made)

. replace td=1 if cntrycde=="DK" & deal_year>2007
(657 real changes made)

. replace td=1 if cntrycde=="DE" & deal_year>2007
(675 real changes made)

. replace td=1 if cntrycde=="ES" & deal_year>2007
(0 real changes made)

. replace td=1 if cntrycde=="FI" & deal_year>2007
(666 real changes made)

. replace td=1 if cntrycde=="FR" & deal_year>2007
(684 real changes made)

. replace td=1 if cntrycde=="IT" & deal_year>2009
(518 real changes made)

. replace td=1 if cntrycde=="IE" & deal_year>2007
(594 real changes made)

. replace td=1 if cntrycde=="NL" & deal_year>2009
(539 real changes made)

. replace td=1 if cntrycde=="SE" & deal_year>2007
(666 real changes made)

. replace td=1 if cntrycde=="UK" & deal_year>2007
(0 real changes made)

. 
. eststo: reghdfe log_private disclosure  ifrs mad td if country_sample==1 & deal_year<2013, abs(sic_country ) cl(country_year)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 1 HDFE group                            F(   4,    142) =      12.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8449
                                                  Adj R-squared   =     0.8320
                                                  Within R-sq.    =     0.0304
Number of clusters (country_year) =        143    Root MSE        =     0.5047

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
 log_private | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   .0816917   .0492981     1.66   0.100    -.0157613    .1791447
        ifrs |   .0297157    .054454     0.55   0.586    -.0779296    .1373609
         mad |   .1107905   .0373087     2.97   0.004     .0370382    .1845428
          td |  -.0362846   .0454288    -0.80   0.426    -.1260888    .0535195
       _cons |   1.164936   .0201469    57.82   0.000      1.12511    1.204763
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
-----------------------------------------------------+
(est1 stored)

. eststo: reghdfe log_privassets disclosure ifrs mad td if country_sample==1 & deal_year<2013, abs(sic_country) cl(country_year)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 1 HDFE group                            F(   4,    142) =      38.03
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5502
                                                  Adj R-squared   =     0.5126
                                                  Within R-sq.    =     0.0891
Number of clusters (country_year) =        143    Root MSE        =     3.8094

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
log_privas~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   1.627782   .3204552     5.08   0.000     .9943022    2.261261
        ifrs |   .1148598   .4327928     0.27   0.791    -.7406897    .9704093
         mad |   .9941869   .3623461     2.74   0.007     .2778972    1.710477
          td |  -.0643028   .2242284    -0.29   0.775      -.50756    .3789543
       _cons |   3.275832   .1821548    17.98   0.000     2.915746    3.635917
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
-----------------------------------------------------+
(est2 stored)

. eststo: reghdfe log_private disclosure ifrs mad td if country_sample==1 & deal_year<2013, abs(sic_country deal_year) cl(country_year)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 2 HDFE groups                           F(   4,    142) =       2.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0610
                                                  R-squared       =     0.8488
                                                  Adj R-squared   =     0.8359
                                                  Within R-sq.    =     0.0033
Number of clusters (country_year) =        143    Root MSE        =     0.4987

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
 log_private | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   .0037969   .0444685     0.09   0.932    -.0841089    .0917028
        ifrs |   .1428932   .1138855     1.25   0.212    -.0822369    .3680233
         mad |  -.0940478   .0555667    -1.69   0.093    -.2038926    .0157969
          td |   .1092124   .0709125     1.54   0.126    -.0309682    .2493929
       _cons |   1.207858    .038576    31.31   0.000     1.131601    1.284116
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
   deal_year |        13           1          12     |
-----------------------------------------------------+
(est3 stored)

. eststo: reghdfe log_privassets disclosure ifrs mad td if country_sample==1 & deal_year<2013, abs(sic_country deal_year) cl(country_year)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     10,517
Absorbing 2 HDFE groups                           F(   4,    142) =      13.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5649
                                                  Adj R-squared   =     0.5279
                                                  Within R-sq.    =     0.0220
Number of clusters (country_year) =        143    Root MSE        =     3.7492

                         (Std. err. adjusted for 143 clusters in country_year)
------------------------------------------------------------------------------
             |               Robust
log_privas~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  disclosure |   .7874924   .2747634     2.87   0.005     .2443371    1.330648
        ifrs |   2.950926   .7423879     3.97   0.000     1.483366    4.418487
         mad |   -.480932   .3698872    -1.30   0.196    -1.212129    .2502651
          td |   .4095873   .3404631     1.20   0.231    -.2634438    1.082618
       _cons |   2.934155   .2909267    10.09   0.000     2.359048    3.509262
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 sic_country |       809           0         809     |
   deal_year |        13           1          12     |
-----------------------------------------------------+
(est4 stored)

. esttab,   replace ar2 b(4) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
              log_private    log_privas~s     log_private    log_privas~s   
----------------------------------------------------------------------------
disclosure         0.0817*         1.6278***       0.0038          0.7875***
                   (1.66)          (5.08)          (0.09)          (2.87)   

ifrs               0.0297          0.1149          0.1429          2.9509***
                   (0.55)          (0.27)          (1.25)          (3.97)   

mad                0.1108***       0.9942***      -0.0940*        -0.4809   
                   (2.97)          (2.74)         (-1.69)         (-1.30)   

td                -0.0363         -0.0643          0.1092          0.4096   
                  (-0.80)         (-0.29)          (1.54)          (1.20)   

_cons              1.1649***       3.2758***       1.2079***       2.9342***
                  (57.82)         (17.98)         (31.31)         (10.09)   
----------------------------------------------------------------------------
N                   10517           10517           10517           10517   
adj. R-sq           0.832           0.513           0.836           0.528   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix7.csv",   replace ar2 b(4) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix7.csv)

. eststo clear

. 
. **# APPDX 8
. use "${path_dir}/data/1_indLevel data merged-2d_extended.dta",clear

. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. joinby country year sic_2d using "${path_dir}/data/2_scope-2d_voluntary_merged.dta", unm(master)

. eststo: reghdfe logIndNum_t_priv l.scope l.scope_voluntary l.percent_publ_toas l.log_indMean_toas l.log_num_firms, absorb(i.country_year i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      8,031
Absorbing 2 HDFE groups                           F(   5,    107) =      16.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7303
                                                  Adj R-squared   =     0.7236
                                                  Within R-sq.    =     0.0115
Number of clusters (country_year) =        108    Root MSE        =     0.5454

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .4856164   .1036852     4.68   0.000     .2800726    .6911603
                  |
  scope_voluntary |
              L1. |  -.1252027   .2532921    -0.49   0.622    -.6273247    .3769192
                  |
percent_publ_toas |
              L1. |    .029979   .0311845     0.96   0.339    -.0318407    .0917987
                  |
 log_indMean_toas |
              L1. |    .008059   .0048797     1.65   0.102    -.0016144    .0177324
                  |
    log_num_firms |
              L1. |   .0688921   .0167256     4.12   0.000     .0357356    .1020486
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        81           0          81     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe logIndNum_t_priv l.scope l.scope_voluntary l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      7,456
Absorbing 2 HDFE groups                           F(   7,    107) =      17.85
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7381
                                                  Adj R-squared   =     0.7311
                                                  Within R-sq.    =     0.0193
Number of clusters (country_year) =        108    Root MSE        =     0.5451

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndNum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   .5658648   .1305115     4.34   0.000     .3071409    .8245887
                  |
  scope_voluntary |
              L1. |  -.0752511    .278547    -0.27   0.788     -.627438    .4769357
                  |
percent_publ_toas |
              L1. |  -.0234703    .032804    -0.72   0.476    -.0885004    .0415597
                  |
 log_indMean_toas |
              L1. |   .0347625   .0068116     5.10   0.000     .0212592    .0482658
                  |
    log_num_firms |
              L1. |   .0797102   .0151509     5.26   0.000     .0496753     .109745
                  |
    indMeanRw_roa |
              L1. |   .0936328   .1468401     0.64   0.525    -.1974605    .3847261
                  |
      indSdRw_roa |
              L1. |  -.3615295   .1418697    -2.55   0.012    -.6427697   -.0802894
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.scope_voluntary  l.percent_publ_toas l.log_indMean_toas l.log_num_firms , absorb(i.country_year  i.sic_2d_2) cl( i.country_year ) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      8,031
Absorbing 2 HDFE groups                           F(   5,    107) =      16.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5479
                                                  Adj R-squared   =     0.5367
                                                  Within R-sq.    =     0.0112
Number of clusters (country_year) =        108    Root MSE        =     3.7153

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.048894   .7458782     2.75   0.007     .5702771     3.52751
                  |
  scope_voluntary |
              L1. |   .8661609   1.569537     0.55   0.582    -2.245263    3.977584
                  |
percent_publ_toas |
              L1. |   .2020364   .2194546     0.92   0.359    -.2330067    .6370795
                  |
 log_indMean_toas |
              L1. |   .0952053   .0356959     2.67   0.009     .0244424    .1659682
                  |
    log_num_firms |
              L1. |   .4754796   .0711212     6.69   0.000     .3344902    .6164691
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        81           0          81     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe logIndSum_t_priv l.scope l.scope_voluntary l.percent_publ_toas l.log_indMean_toas l.log_num_firms l.indMeanRw_roa l.indSdRw_roa, absorb(i.country_year  i.sic_2d_2) cl( i.country_year) noconstant 
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =      7,456
Absorbing 2 HDFE groups                           F(   7,    107) =      21.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5445
                                                  Adj R-squared   =     0.5323
                                                  Within R-sq.    =     0.0176
Number of clusters (country_year) =        108    Root MSE        =     3.7603

                              (Std. err. adjusted for 108 clusters in country_year)
-----------------------------------------------------------------------------------
                  |               Robust
 logIndSum_t_priv | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
            scope |
              L1. |   2.506753   .8992337     2.79   0.006     .7241267    4.289379
                  |
  scope_voluntary |
              L1. |   .7174185     1.5527     0.46   0.645    -2.360627    3.795464
                  |
percent_publ_toas |
              L1. |   -.113937   .2305314    -0.49   0.622    -.5709387    .3430646
                  |
 log_indMean_toas |
              L1. |   .2508296   .0436082     5.75   0.000     .1643815    .3372778
                  |
    log_num_firms |
              L1. |   .5611469   .0690492     8.13   0.000      .424265    .6980288
                  |
    indMeanRw_roa |
              L1. |   .2070613    1.01439     0.20   0.839    -1.803849    2.217971
                  |
      indSdRw_roa |
              L1. |  -1.630079   1.014618    -1.61   0.111    -3.641442    .3812836
-----------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
 country_year |       108         108           0    *|
     sic_2d_2 |        80           0          80     |
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab  ,replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             logIndNum_~v    logIndNum_~v    logIndSum_~v    logIndSum_~v   
----------------------------------------------------------------------------
L.scope             0.486***        0.566***        2.049***        2.507***
                   (4.68)          (4.34)          (2.75)          (2.79)   

L.scope_vo~y       -0.125          -0.075           0.866           0.717   
                  (-0.49)         (-0.27)          (0.55)          (0.46)   

L.percent_~s        0.030          -0.023           0.202          -0.114   
                   (0.96)         (-0.72)          (0.92)         (-0.49)   

L.log_indM~s        0.008           0.035***        0.095***        0.251***
                   (1.65)          (5.10)          (2.67)          (5.75)   

L.log_num_~s        0.069***        0.080***        0.475***        0.561***
                   (4.12)          (5.26)          (6.69)          (8.13)   

L.indMeanR~a                        0.094                           0.207   
                                   (0.64)                          (0.20)   

L.indSdRw_~a                       -0.362**                        -1.630   
                                  (-2.55)                         (-1.61)   
----------------------------------------------------------------------------
N                    8031            7456            8031            7456   
adj. R-sq           0.724           0.731           0.537           0.532   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. esttab using "TableAppendix8.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix8.csv)

. eststo clear

. 
. 
. **# APPDX 9
. use "${path_dir}/data/2_dealLevel data merged-2d_extended.dta", clear

. cd "${path_dir}/output" 
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. destring sic_2d,replace
sic_2d: all characters numeric; replaced as byte

. joinby sic_2d t_country year using "${path_dir}/data/Patents_all.dta", unm(mas)

. tab _m

                       _merge |      Freq.     Percent        Cum.
------------------------------+-----------------------------------
both in master and using data |     37,768      100.00      100.00
------------------------------+-----------------------------------
                        Total |     37,768      100.00

. drop _m

. sum applications, d

                        applications
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            1              0       Obs              37,768
25%           18              0       Sum of wgt.      37,768

50%          166                      Mean           727.1954
                        Largest       Std. dev.      1353.202
75%         1014          13107
90%         1978          13107       Variance        1831156
95%         2507          13107       Skewness       4.931751
99%         6830          13107       Kurtosis       37.27604

. local deal_level_controls = "pre_t_size wpre_t_lev wpre_t_roa pre_a_size wpre_a_lev wpre_a_roa "

. replace wpre_t_roa=. if wpre_t_roa<=-1 & wpre_t_roa!=.
(453 real changes made, 453 to missing)

. replace wpre_t_lev=. if wpre_t_lev>1 & wpre_t_lev!=.
(4,930 real changes made, 4,930 to missing)

. replace log_value_ebit=. if dealvalue_ebitda<0 & dealvalue_ebitda!=.
(112 real changes made, 112 to missing)

. gen fulldisclosure=t_fulldisclosure==1 

. 
. eststo: reghdfe log_entvalue c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' if applications<=166, absorb(i.country_year i.country_sic_2d
> _2) cl(country_year) noconstant
(dropped 139 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =        747
Absorbing 2 HDFE groups                           F(  14,     66) =    1941.06
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9788
                                                  Adj R-squared   =     0.9699
                                                  Within R-sq.    =     0.9694
Number of clusters (country_year) =         67    Root MSE        =     0.0273

                                       (Std. err. adjusted for 67 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
             log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |   .0064876   .0039724     1.63   0.107    -.0014434    .0144187
                   Lscope |  -.4766417   .2454158    -1.94   0.056    -.9666301    .0133467
                          |
c.fulldisclosure#c.Lscope |  -.0470758   .0503912    -0.93   0.354     -.147685    .0535334
                          |
       Lpercent_publ_toas |   .0594024   .0316586     1.88   0.065    -.0038061    .1226109
        Llog_indMean_toas |   .0034385   .0019062     1.80   0.076    -.0003674    .0072444
           Llog_num_firms |   .0155043   .0123984     1.25   0.216      -.00925    .0402586
           LindMeanRw_roa |   .0247249   .0758555     0.33   0.745    -.1267255    .1761754
             LindSdRw_roa |  -.2290966   .1295575    -1.77   0.082    -.4877665    .0295732
               pre_t_size |   -.005051   .0022475    -2.25   0.028    -.0095383   -.0005637
               wpre_t_lev |   .6545293   .0058666   111.57   0.000     .6428163    .6662424
               wpre_t_roa |   .0146944   .0065896     2.23   0.029     .0015377     .027851
               pre_a_size |   .0021253   .0007438     2.86   0.006     .0006403    .0036104
               wpre_a_lev |    .010269   .0054868     1.87   0.066    -.0006857    .0212237
               wpre_a_roa |  -.0041054   .0057816    -0.71   0.480    -.0156488    .0074381
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        67          67           0    *|
 country_sic_2d_2 |       141           0         141     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe log_value_ebit c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' if applications<=166, absorb(i.country_year i.country_sic_2
> d_2) cl(country_year) noconstant
(dropped 153 singleton observations)
(MWFE estimator converged in 19 iterations)

HDFE Linear regression                            Number of obs   =        589
Absorbing 2 HDFE groups                           F(  14,     55) =      33.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5179
                                                  Adj R-squared   =     0.3069
                                                  Within R-sq.    =     0.2587
Number of clusters (country_year) =         56    Root MSE        =     0.9998

                                       (Std. err. adjusted for 56 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
           log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |   .0955529   .1311067     0.73   0.469    -.1671908    .3582966
                   Lscope |  -.1099876   2.381862    -0.05   0.963    -4.883346    4.663371
                          |
c.fulldisclosure#c.Lscope |  -1.544905   1.870547    -0.83   0.412    -5.293564    2.203754
                          |
       Lpercent_publ_toas |   .0092227   .5035153     0.02   0.985    -.9998444     1.01829
        Llog_indMean_toas |   .0465774   .0727015     0.64   0.524    -.0991197    .1922746
           Llog_num_firms |  -.0105298   .3046186    -0.03   0.973     -.620999    .5999395
           LindMeanRw_roa |   4.137259   4.296327     0.96   0.340    -4.472773    12.74729
             LindSdRw_roa |   4.283363   4.564427     0.94   0.352    -4.863954    13.43068
               pre_t_size |  -.2447394   .0553089    -4.42   0.000     -.355581   -.1338979
               wpre_t_lev |  -.6811862   .2383173    -2.86   0.006    -1.158785   -.2035876
               wpre_t_roa |   -3.71803   .3936601    -9.44   0.000    -4.506943   -2.929118
               pre_a_size |   .1335889   .0261473     5.11   0.000     .0811885    .1859893
               wpre_a_lev |  -.1405104    .230653    -0.61   0.545    -.6027493    .3217286
               wpre_a_roa |  -.0196809   .4551987    -0.04   0.966    -.9319196    .8925578
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        56          56           0    *|
 country_sic_2d_2 |       110           0         110     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe log_entvalue c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' if applications>166, absorb(i.country_year i.country_sic_2d_
> 2) cl(country_year) noconstant
(dropped 56 singleton observations)
(MWFE estimator converged in 17 iterations)

HDFE Linear regression                            Number of obs   =        990
Absorbing 2 HDFE groups                           F(  14,     57) =    7567.41
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9938
                                                  Adj R-squared   =     0.9925
                                                  Within R-sq.    =     0.9926
Number of clusters (country_year) =         58    Root MSE        =     0.0133

                                       (Std. err. adjusted for 58 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
             log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |  -.0000674   .0011149    -0.06   0.952       -.0023    .0021651
                   Lscope |   .0580695   .0239096     2.43   0.018     .0101914    .1059475
                          |
c.fulldisclosure#c.Lscope |   .0311988   .0154417     2.02   0.048     .0002774    .0621203
                          |
       Lpercent_publ_toas |   .0304507   .0107562     2.83   0.006     .0089117    .0519896
        Llog_indMean_toas |   .0035369   .0024495     1.44   0.154    -.0013682     .008442
           Llog_num_firms |   .0043273   .0053034     0.82   0.418    -.0062925    .0149472
           LindMeanRw_roa |   .0719279   .0412963     1.74   0.087    -.0107666    .1546224
             LindSdRw_roa |   .1309952   .0948207     1.38   0.173      -.05888    .3208704
               pre_t_size |    -.00001   .0003719    -0.03   0.979    -.0007548    .0007348
               wpre_t_lev |   .6514114   .0031544   206.51   0.000     .6450947     .657728
               wpre_t_roa |   .0151042     .00224     6.74   0.000     .0106186    .0195898
               pre_a_size |   .0001693   .0001648     1.03   0.309    -.0001608    .0004993
               wpre_a_lev |  -.0015327   .0016509    -0.93   0.357    -.0048386    .0017732
               wpre_a_roa |  -.0013213   .0031247    -0.42   0.674    -.0075784    .0049358
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        58          58           0    *|
 country_sic_2d_2 |        95           0          95     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe log_value_ebit c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' if applications>166, absorb(i.country_year i.country_sic_2d
> _2) cl(country_year) noconstant
(dropped 49 singleton observations)
(MWFE estimator converged in 18 iterations)

HDFE Linear regression                            Number of obs   =        808
Absorbing 2 HDFE groups                           F(  14,     56) =      24.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4855
                                                  Adj R-squared   =     0.3583
                                                  Within R-sq.    =     0.3087
Number of clusters (country_year) =         57    Root MSE        =     0.9648

                                       (Std. err. adjusted for 57 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
           log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |  -.1113742   .0953472    -1.17   0.248    -.3023775    .0796292
                   Lscope |  -4.191605    4.33533    -0.97   0.338    -12.87632    4.493105
                          |
c.fulldisclosure#c.Lscope |   .4437711    1.07755     0.41   0.682    -1.714821    2.602364
                          |
       Lpercent_publ_toas |  -1.386461   .9631739    -1.44   0.156     -3.31593    .5430086
        Llog_indMean_toas |  -.2049611     .18653    -1.10   0.277    -.5786256    .1687034
           Llog_num_firms |   .0791101   .2906644     0.27   0.786    -.5031607    .6613808
           LindMeanRw_roa |   3.232708   3.633428     0.89   0.377    -4.045923    10.51134
             LindSdRw_roa |   12.06341   8.758633     1.38   0.174    -5.482238    29.60906
               pre_t_size |  -.2167042   .0360129    -6.02   0.000    -.2888467   -.1445617
               wpre_t_lev |  -.6170701    .256326    -2.41   0.019    -1.130553   -.1035875
               wpre_t_roa |   -3.89743   .2708599   -14.39   0.000    -4.440028   -3.354833
               pre_a_size |   .1370672   .0162914     8.41   0.000     .1044316    .1697027
               wpre_a_lev |  -.1662262   .1410501    -1.18   0.244    -.4487835    .1163311
               wpre_a_roa |  -.1691732   .3255255    -0.52   0.605    -.8212792    .4829328
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        57          57           0    *|
 country_sic_2d_2 |        90           0          90     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. esttab

----------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)   
             log_entvalue    log_value_~t    log_entvalue    log_value_~t   
----------------------------------------------------------------------------
fulldisclo~e      0.00649          0.0956      -0.0000674          -0.111   
                   (1.63)          (0.73)         (-0.06)         (-1.17)   

Lscope             -0.477          -0.110          0.0581*         -4.192   
                  (-1.94)         (-0.05)          (2.43)         (-0.97)   

c.fulldisc~e      -0.0471          -1.545          0.0312*          0.444   
                  (-0.93)         (-0.83)          (2.02)          (0.41)   

Lpercent_p~s       0.0594         0.00922          0.0305**        -1.386   
                   (1.88)          (0.02)          (2.83)         (-1.44)   

Llog_indMe~s      0.00344          0.0466         0.00354          -0.205   
                   (1.80)          (0.64)          (1.44)         (-1.10)   

Llog_num_f~s       0.0155         -0.0105         0.00433          0.0791   
                   (1.25)         (-0.03)          (0.82)          (0.27)   

LindMeanRw~a       0.0247           4.137          0.0719           3.233   
                   (0.33)          (0.96)          (1.74)          (0.89)   

LindSdRw_roa       -0.229           4.283           0.131           12.06   
                  (-1.77)          (0.94)          (1.38)          (1.38)   

pre_t_size       -0.00505*         -0.245***   -0.0000100          -0.217***
                  (-2.25)         (-4.42)         (-0.03)         (-6.02)   

wpre_t_lev          0.655***       -0.681**         0.651***       -0.617*  
                 (111.57)         (-2.86)        (206.51)         (-2.41)   

wpre_t_roa         0.0147*         -3.718***       0.0151***       -3.897***
                   (2.23)         (-9.44)          (6.74)        (-14.39)   

pre_a_size        0.00213**         0.134***     0.000169           0.137***
                   (2.86)          (5.11)          (1.03)          (8.41)   

wpre_a_lev         0.0103          -0.141        -0.00153          -0.166   
                   (1.87)         (-0.61)         (-0.93)         (-1.18)   

wpre_a_roa       -0.00411         -0.0197        -0.00132          -0.169   
                  (-0.71)         (-0.04)         (-0.42)         (-0.52)   
----------------------------------------------------------------------------
N                     747             589             990             808   
----------------------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

. esttab using "TableAppendix9.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix9.csv)

. eststo clear

. 
. **# APPDX 10
. cd "${path_dir}/output"
/home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output

. use "${path_dir}/data/2_dealLevel data merged-2d_extended.dta",clear

. gen fulldisclosure=t_fulldisclosure==1 

. local deal_level_controls = "pre_t_size wpre_t_lev wpre_t_roa pre_a_size wpre_a_lev wpre_a_roa "

. replace wpre_t_roa=. if wpre_t_roa<=-1 & wpre_t_roa!=.
(453 real changes made, 453 to missing)

. replace wpre_t_lev=. if wpre_t_lev>1 & wpre_t_lev!=.
(4,930 real changes made, 4,930 to missing)

. replace log_value_ebit=. if dealvalue_ebitda<0  & dealvalue_ebitda!=.
(112 real changes made, 112 to missing)

. local deal_level_controls = "pre_t_size wpre_t_lev wpre_t_roa pre_a_size wpre_a_lev wpre_a_roa "

. eststo: reghdfe log_entvalue Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls'  , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 143 singleton observations)
(MWFE estimator converged in 27 iterations)

HDFE Linear regression                            Number of obs   =      1,789
Absorbing 2 HDFE groups                           F(  12,     81) =    7027.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9855
                                                  Adj R-squared   =     0.9822
                                                  Within R-sq.    =     0.9814
Number of clusters (country_year) =         82    Root MSE        =     0.0209

                                (Std. err. adjusted for 82 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
      log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
            Lscope |  -.0909066    .078151    -1.16   0.248    -.2464025    .0645894
Lpercent_publ_toas |   .0220806   .0112357     1.97   0.053     -.000275    .0444363
 Llog_indMean_toas |   .0017267   .0012193     1.42   0.161    -.0006993    .0041528
    Llog_num_firms |    .005149   .0039359     1.31   0.195    -.0026823    .0129802
    LindMeanRw_roa |   .0193668   .0344864     0.56   0.576    -.0492502    .0879838
      LindSdRw_roa |   .0028486   .0690066     0.04   0.967     -.134453    .1401502
        pre_t_size |  -.0020825   .0009792    -2.13   0.036    -.0040308   -.0001342
        wpre_t_lev |   .6512543   .0028638   227.41   0.000     .6455562    .6569523
        wpre_t_roa |   .0136871   .0025971     5.27   0.000     .0085197    .0188544
        pre_a_size |   .0008988   .0002956     3.04   0.003     .0003107     .001487
        wpre_a_lev |   .0029568    .002228     1.33   0.188    -.0014761    .0073898
        wpre_a_roa |  -.0012432   .0027123    -0.46   0.648    -.0066398    .0041534
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        82          82           0    *|
 country_sic_2d_2 |       235           0         235     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. eststo: reghdfe log_entvalue fulldisclosure Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 144 singleton observations)
(MWFE estimator converged in 27 iterations)

HDFE Linear regression                            Number of obs   =      1,789
Absorbing 2 HDFE groups                           F(  12,     81) =    6713.29
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9855
                                                  Adj R-squared   =     0.9822
                                                  Within R-sq.    =     0.9814
Number of clusters (country_year) =         82    Root MSE        =     0.0209

                                (Std. err. adjusted for 82 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
      log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0025932   .0014273     1.82   0.073    -.0002468    .0054331
Lpercent_publ_toas |   .0200308   .0098029     2.04   0.044     .0005261    .0395355
 Llog_indMean_toas |   .0013021   .0013106     0.99   0.323    -.0013055    .0039097
    Llog_num_firms |   .0052266   .0039744     1.32   0.192    -.0026812    .0131344
    LindMeanRw_roa |  -.0054296   .0369691    -0.15   0.884    -.0789866    .0681274
      LindSdRw_roa |   .0473665   .0725586     0.65   0.516    -.0970024    .1917355
        pre_t_size |  -.0023028   .0010595    -2.17   0.033    -.0044108   -.0001947
        wpre_t_lev |   .6512713   .0028666   227.19   0.000     .6455677     .656975
        wpre_t_roa |   .0134917   .0027327     4.94   0.000     .0080546    .0189289
        pre_a_size |   .0009401   .0003056     3.08   0.003      .000332    .0015483
        wpre_a_lev |   .0030855   .0022523     1.37   0.174    -.0013958    .0075669
        wpre_a_roa |  -.0015045   .0026795    -0.56   0.576    -.0068358    .0038268
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        82          82           0    *|
 country_sic_2d_2 |       235           0         235     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. eststo: reghdfe log_entvalue c.fulldisclosure c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) 
> noconstant
(dropped 143 singleton observations)
(MWFE estimator converged in 27 iterations)

HDFE Linear regression                            Number of obs   =      1,789
Absorbing 2 HDFE groups                           F(  13,     81) =    6403.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9855
                                                  Adj R-squared   =     0.9823
                                                  Within R-sq.    =     0.9815
Number of clusters (country_year) =         82    Root MSE        =     0.0209

                                (Std. err. adjusted for 82 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
      log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0027151   .0014419     1.88   0.063    -.0001539    .0055841
            Lscope |   -.092917   .0780931    -1.19   0.238    -.2482977    .0624637
Lpercent_publ_toas |   .0228652   .0112677     2.03   0.046      .000446    .0452844
 Llog_indMean_toas |   .0017124   .0012428     1.38   0.172    -.0007603    .0041851
    Llog_num_firms |   .0050734   .0038979     1.30   0.197    -.0026821    .0128289
    LindMeanRw_roa |   .0166322   .0338749     0.49   0.625    -.0507682    .0840326
      LindSdRw_roa |   .0018524    .067742     0.03   0.978    -.1329329    .1366378
        pre_t_size |  -.0022463   .0010265    -2.19   0.032    -.0042888   -.0002038
        wpre_t_lev |   .6511957   .0028794   226.16   0.000     .6454666    .6569247
        wpre_t_roa |   .0137949   .0025913     5.32   0.000     .0086391    .0189507
        pre_a_size |   .0009089   .0002991     3.04   0.003     .0003137    .0015041
        wpre_a_lev |   .0029965   .0022273     1.35   0.182    -.0014351    .0074281
        wpre_a_roa |  -.0013784   .0027339    -0.50   0.615    -.0068181    .0040613
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        82          82           0    *|
 country_sic_2d_2 |       235           0         235     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. eststo: reghdfe log_entvalue c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year)
>  noconstant
(dropped 143 singleton observations)
(MWFE estimator converged in 27 iterations)

HDFE Linear regression                            Number of obs   =      1,789
Absorbing 2 HDFE groups                           F(  14,     81) =    5929.51
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9855
                                                  Adj R-squared   =     0.9823
                                                  Within R-sq.    =     0.9815
Number of clusters (country_year) =         82    Root MSE        =     0.0209

                                       (Std. err. adjusted for 82 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
             log_entvalue | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |   .0021951   .0016896     1.30   0.198    -.0011667     .005557
                   Lscope |  -.0938235   .0778914    -1.20   0.232    -.2488029     .061156
                          |
c.fulldisclosure#c.Lscope |   .0113729   .0144242     0.79   0.433    -.0173268    .0400726
                          |
       Lpercent_publ_toas |   .0229733   .0112449     2.04   0.044     .0005995     .045347
        Llog_indMean_toas |   .0016723   .0012456     1.34   0.183     -.000806    .0041506
           Llog_num_firms |    .005124   .0038968     1.31   0.192    -.0026295    .0128774
           LindMeanRw_roa |   .0148147   .0341974     0.43   0.666    -.0532274    .0828569
             LindSdRw_roa |   .0036636   .0675917     0.05   0.957    -.1308228    .1381499
               pre_t_size |  -.0022345   .0010287    -2.17   0.033    -.0042813   -.0001876
               wpre_t_lev |   .6511917   .0028811   226.02   0.000     .6454593    .6569241
               wpre_t_roa |   .0137176   .0025919     5.29   0.000     .0085605    .0188747
               pre_a_size |   .0009056   .0003008     3.01   0.003     .0003072     .001504
               wpre_a_lev |   .0030333   .0022364     1.36   0.179    -.0014164     .007483
               wpre_a_roa |  -.0013742    .002744    -0.50   0.618    -.0068338    .0040855
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        82          82           0    *|
 country_sic_2d_2 |       235           0         235     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. eststo: reghdfe log_value_ebit Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 155 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =      1,444
Absorbing 2 HDFE groups                           F(  12,     75) =      46.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4588
                                                  Adj R-squared   =     0.3244
                                                  Within R-sq.    =     0.2762
Number of clusters (country_year) =         76    Root MSE        =     0.9873

                                (Std. err. adjusted for 76 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
    log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
            Lscope |  -2.533036   2.890218    -0.88   0.384    -8.290645    3.224573
Lpercent_publ_toas |  -.4002905   .4536485    -0.88   0.380    -1.304005    .5034236
 Llog_indMean_toas |   -.048112    .065512    -0.73   0.465    -.1786187    .0823946
    Llog_num_firms |   .1635093   .1675687     0.98   0.332    -.1703046    .4973232
    LindMeanRw_roa |   3.392526   2.487688     1.36   0.177    -1.563203    8.348255
      LindSdRw_roa |   9.278068   3.609889     2.57   0.012     2.086801    16.46934
        pre_t_size |  -.2184446   .0286331    -7.63   0.000    -.2754847   -.1614045
        wpre_t_lev |  -.5789887   .1779291    -3.25   0.002    -.9334417   -.2245358
        wpre_t_roa |  -3.913934   .2072992   -18.88   0.000    -4.326895   -3.500972
        pre_a_size |    .131919   .0142287     9.27   0.000      .103574    .1602641
        wpre_a_lev |  -.1807311   .1274181    -1.42   0.160    -.4345611    .0730988
        wpre_a_roa |   -.085486   .2654153    -0.32   0.748    -.6142204    .4432484
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        76          76           0    *|
 country_sic_2d_2 |       200           0         200     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. eststo: reghdfe log_value_ebit fulldisclosure Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa  `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstan
> t
(dropped 156 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =      1,444
Absorbing 2 HDFE groups                           F(  12,     75) =      46.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4582
                                                  Adj R-squared   =     0.3237
                                                  Within R-sq.    =     0.2754
Number of clusters (country_year) =         76    Root MSE        =     0.9878

                                (Std. err. adjusted for 76 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
    log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |  -.0449738   .0567127    -0.79   0.430    -.1579514    .0680037
Lpercent_publ_toas |  -.4922942   .4238834    -1.16   0.249    -1.336713    .3521248
 Llog_indMean_toas |  -.0609361   .0637993    -0.96   0.343    -.1880309    .0661586
    Llog_num_firms |   .1485608   .1693427     0.88   0.383    -.1887872    .4859088
    LindMeanRw_roa |   2.997226   2.429949     1.23   0.221    -1.843481    7.837933
      LindSdRw_roa |   10.38748   3.371561     3.08   0.003     3.670989    17.10398
        pre_t_size |  -.2180831   .0301705    -7.23   0.000    -.2781858   -.1579803
        wpre_t_lev |  -.5845369   .1782782    -3.28   0.002    -.9396853   -.2293885
        wpre_t_roa |  -3.950686   .2100195   -18.81   0.000    -4.369066   -3.532306
        pre_a_size |   .1321574   .0142693     9.26   0.000     .1037316    .1605833
        wpre_a_lev |  -.1805244   .1258777    -1.43   0.156    -.4312855    .0702368
        wpre_a_roa |  -.0882477   .2666553    -0.33   0.742    -.6194523    .4429568
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        76          76           0    *|
 country_sic_2d_2 |       200           0         200     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. eststo: reghdfe log_value_ebit c.fulldisclosure c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year)
>  noconstant
(dropped 155 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =      1,444
Absorbing 2 HDFE groups                           F(  13,     75) =      45.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4589
                                                  Adj R-squared   =     0.3240
                                                  Within R-sq.    =     0.2764
Number of clusters (country_year) =         76    Root MSE        =     0.9876

                                (Std. err. adjusted for 76 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
    log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   -.042254   .0569803    -0.74   0.461    -.1557646    .0712565
            Lscope |  -2.501852   2.899421    -0.86   0.391    -8.277794    3.274091
Lpercent_publ_toas |  -.4198818   .4621717    -0.91   0.367    -1.340575    .5008115
 Llog_indMean_toas |  -.0477197   .0651338    -0.73   0.466    -.1774728    .0820335
    Llog_num_firms |   .1679503   .1678973     1.00   0.320    -.1665182    .5024188
    LindMeanRw_roa |   3.447308   2.492093     1.38   0.171    -1.517195    8.411811
      LindSdRw_roa |   9.346873   3.609623     2.59   0.012     2.156134    16.53761
        pre_t_size |   -.215596   .0299184    -7.21   0.000    -.2751965   -.1559955
        wpre_t_lev |  -.5802244   .1789995    -3.24   0.002    -.9368096   -.2236391
        wpre_t_roa |  -3.919098   .2093007   -18.72   0.000    -4.336047    -3.50215
        pre_a_size |   .1317133   .0142217     9.26   0.000     .1033822    .1600444
        wpre_a_lev |  -.1818982   .1265378    -1.44   0.155    -.4339744     .070178
        wpre_a_roa |  -.0860128    .266282    -0.32   0.748    -.6164739    .4444482
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        76          76           0    *|
 country_sic_2d_2 |       200           0         200     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. eststo: reghdfe log_value_ebit c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year
> ) noconstant
(dropped 155 singleton observations)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =      1,444
Absorbing 2 HDFE groups                           F(  14,     75) =      42.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4589
                                                  Adj R-squared   =     0.3234
                                                  Within R-sq.    =     0.2764
Number of clusters (country_year) =         76    Root MSE        =     0.9880

                                       (Std. err. adjusted for 76 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
           log_value_ebit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |  -.0439521   .0649779    -0.68   0.501    -.1733947    .0854905
                   Lscope |  -2.504731   2.912379    -0.86   0.393    -8.306488    3.297026
                          |
c.fulldisclosure#c.Lscope |   .0371891   .8975468     0.04   0.967    -1.750816    1.825194
                          |
       Lpercent_publ_toas |  -.4190405    .462836    -0.91   0.368    -1.341057    .5029762
        Llog_indMean_toas |  -.0478934   .0649096    -0.74   0.463       -.1772    .0814131
           Llog_num_firms |   .1679966   .1678865     1.00   0.320    -.1664503    .5024436
           LindMeanRw_roa |   3.441625   2.483431     1.39   0.170    -1.505624    8.388874
             LindSdRw_roa |   9.349374   3.594408     2.60   0.011     2.188946     16.5098
               pre_t_size |  -.2155434   .0299968    -7.19   0.000       -.2753   -.1557868
               wpre_t_lev |  -.5802039   .1791145    -3.24   0.002    -.9370183   -.2233896
               wpre_t_roa |  -3.919424   .2087793   -18.77   0.000    -4.335333   -3.503514
               pre_a_size |   .1317024    .014302     9.21   0.000     .1032114    .1601934
               wpre_a_lev |  -.1817468   .1270264    -1.43   0.157    -.4347963    .0713027
               wpre_a_roa |  -.0859953    .266253    -0.32   0.748    -.6163985    .4444079
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |        76          76           0    *|
 country_sic_2d_2 |       200           0         200     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. eststo: reghdfe cash Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  12,    104) =       5.89
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1504
                                                  Adj R-squared   =     0.0889
                                                  Within R-sq.    =     0.0150
Number of clusters (country_year) =        105    Root MSE        =     0.2599

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
              cash | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
            Lscope |  -.2008904    .152954    -1.31   0.192    -.5042039     .102423
Lpercent_publ_toas |   .1344253   .0617524     2.18   0.032     .0119679    .2568827
 Llog_indMean_toas |  -.0072927    .016207    -0.45   0.654    -.0394317    .0248464
    Llog_num_firms |   .0073964   .0126498     0.58   0.560    -.0176887    .0324815
    LindMeanRw_roa |   .2342891   .2928858     0.80   0.426    -.3465146    .8150927
      LindSdRw_roa |   .1378677    .468093     0.29   0.769    -.7903784    1.066114
        pre_t_size |   .0129139   .0025347     5.09   0.000     .0078875    .0179403
        wpre_t_lev |   .0069848   .0097371     0.72   0.475    -.0123241    .0262938
        wpre_t_roa |   .0220147   .0149183     1.48   0.143    -.0075688    .0515982
        pre_a_size |   .0065866   .0016433     4.01   0.000     .0033278    .0098453
        wpre_a_lev |  -.0275626   .0100699    -2.74   0.007    -.0475316   -.0075935
        wpre_a_roa |   .0209589   .0263504     0.80   0.428    -.0312949    .0732128
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. eststo: reghdfe cash fulldisclosure Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 101 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,089
Absorbing 2 HDFE groups                           F(  12,    104) =       5.72
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1503
                                                  Adj R-squared   =     0.0884
                                                  Within R-sq.    =     0.0147
Number of clusters (country_year) =        105    Root MSE        =     0.2598

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
              cash | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |  -.0020965   .0117254    -0.18   0.858    -.0253485    .0211554
Lpercent_publ_toas |    .131945   .0610697     2.16   0.033     .0108416    .2530485
 Llog_indMean_toas |  -.0083059   .0160022    -0.52   0.605    -.0400388     .023427
    Llog_num_firms |   .0081247   .0124692     0.65   0.516    -.0166021    .0328516
    LindMeanRw_roa |   .1852608   .2825416     0.66   0.513    -.3750298    .7455514
      LindSdRw_roa |   .2093348   .4698266     0.45   0.657    -.7223491    1.141019
        pre_t_size |   .0129874   .0027777     4.68   0.000     .0074791    .0184957
        wpre_t_lev |   .0070631   .0096778     0.73   0.467    -.0121283    .0262545
        wpre_t_roa |   .0217678   .0148954     1.46   0.147    -.0077703     .051306
        pre_a_size |   .0066012   .0016397     4.03   0.000     .0033496    .0098528
        wpre_a_lev |  -.0276455   .0100648    -2.75   0.007    -.0476044   -.0076866
        wpre_a_roa |   .0210516   .0261081     0.81   0.422    -.0307217     .072825
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       501           0         501     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. eststo: reghdfe cash c.fulldisclosure c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  13,    104) =       5.50
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1504
                                                  Adj R-squared   =     0.0888
                                                  Within R-sq.    =     0.0150
Number of clusters (country_year) =        105    Root MSE        =     0.2599

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
              cash | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   -.002054   .0117304    -0.18   0.861    -.0253158    .0212078
            Lscope |  -.2006744   .1529761    -1.31   0.192    -.5040317    .1026829
Lpercent_publ_toas |   .1342851   .0616227     2.18   0.032      .012085    .2564851
 Llog_indMean_toas |  -.0072667   .0161757    -0.45   0.654    -.0393437    .0248104
    Llog_num_firms |   .0074453    .012631     0.59   0.557    -.0176025     .032493
    LindMeanRw_roa |   .2352558   .2925295     0.80   0.423    -.3448412    .8153527
      LindSdRw_roa |   .1357656   .4695351     0.29   0.773    -.7953401    1.066871
        pre_t_size |   .0130486   .0027771     4.70   0.000     .0075415    .0185557
        wpre_t_lev |   .0070983   .0096849     0.73   0.465    -.0121072    .0263039
        wpre_t_roa |   .0220397   .0149065     1.48   0.142    -.0075204    .0515998
        pre_a_size |   .0065867   .0016425     4.01   0.000     .0033297    .0098437
        wpre_a_lev |  -.0275624   .0100709    -2.74   0.007    -.0475334   -.0075915
        wpre_a_roa |   .0208812   .0261411     0.80   0.426    -.0309576    .0727199
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est11 stored)

. eststo: reghdfe cash c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstan
> t
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  14,    104) =       5.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.1505
                                                  Adj R-squared   =     0.0887
                                                  Within R-sq.    =     0.0150
Number of clusters (country_year) =        105    Root MSE        =     0.2599

                                      (Std. err. adjusted for 105 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
                     cash | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |  -.0068207   .0151109    -0.45   0.653    -.0367861    .0231446
                   Lscope |  -.2075679   .1562701    -1.33   0.187    -.5174574    .1023216
                          |
c.fulldisclosure#c.Lscope |   .0819077   .1215651     0.67   0.502    -.1591605    .3229758
                          |
       Lpercent_publ_toas |   .1345738   .0617172     2.18   0.031     .0121863    .2569614
        Llog_indMean_toas |  -.0075119   .0162281    -0.46   0.644    -.0396927    .0246689
           Llog_num_firms |   .0076623   .0126002     0.61   0.544    -.0173243     .032649
           LindMeanRw_roa |   .2298869   .2928472     0.79   0.434      -.35084    .8106138
             LindSdRw_roa |   .1420192   .4684697     0.30   0.762    -.7869738    1.071012
               pre_t_size |   .0131754   .0028254     4.66   0.000     .0075724    .0187784
               wpre_t_lev |   .0071495   .0096772     0.74   0.462    -.0120408    .0263397
               wpre_t_roa |   .0219814   .0149372     1.47   0.144    -.0076395    .0516024
               pre_a_size |   .0065796   .0016384     4.02   0.000     .0033306    .0098286
               wpre_a_lev |  -.0275535   .0100748    -2.73   0.007    -.0475323   -.0075747
               wpre_a_roa |   .0210361   .0261863     0.80   0.424    -.0308923    .0729644
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est12 stored)

. 
. eststo: reghdfe shares Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  12,    104) =       7.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0955
                                                  Adj R-squared   =     0.0300
                                                  Within R-sq.    =     0.0145
Number of clusters (country_year) =        105    Root MSE        =     0.1304

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
            shares | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
            Lscope |  -.0798809   .0522015    -1.53   0.129    -.1833985    .0236366
Lpercent_publ_toas |   .0183189   .0303138     0.60   0.547    -.0417946    .0784324
 Llog_indMean_toas |   .0032592   .0062775     0.52   0.605    -.0091894    .0157078
    Llog_num_firms |   .0100704    .008038     1.25   0.213    -.0058692      .02601
    LindMeanRw_roa |   -.214062   .2121076    -1.01   0.315    -.6346793    .2065552
      LindSdRw_roa |   .1372335    .247592     0.55   0.581    -.3537507    .6282177
        pre_t_size |   .0033358   .0011004     3.03   0.003     .0011538    .0055179
        wpre_t_lev |  -.0145169   .0078341    -1.85   0.067    -.0300522    .0010184
        wpre_t_roa |  -.0230222   .0105449    -2.18   0.031     -.043933   -.0021113
        pre_a_size |  -.0036655   .0005206    -7.04   0.000    -.0046979   -.0026331
        wpre_a_lev |  -.0024751   .0093136    -0.27   0.791    -.0209443     .015994
        wpre_a_roa |  -.0851808   .0229819    -3.71   0.000    -.1307548   -.0396069
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est13 stored)

. eststo: reghdfe shares fulldisclosure Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls', absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconstant
(dropped 101 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,089
Absorbing 2 HDFE groups                           F(  12,    104) =       7.79
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0955
                                                  Adj R-squared   =     0.0296
                                                  Within R-sq.    =     0.0145
Number of clusters (country_year) =        105    Root MSE        =     0.1303

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
            shares | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0051233     .00494     1.04   0.302     -.004673    .0149196
Lpercent_publ_toas |   .0177615   .0306572     0.58   0.564    -.0430329    .0785558
 Llog_indMean_toas |   .0027637   .0061675     0.45   0.655    -.0094667    .0149942
    Llog_num_firms |   .0102477   .0079829     1.28   0.202    -.0055827    .0260781
    LindMeanRw_roa |  -.2364267   .2103396    -1.12   0.264    -.6535379    .1806846
      LindSdRw_roa |   .1753373   .2394966     0.73   0.466    -.2995934    .6502681
        pre_t_size |   .0029866   .0012183     2.45   0.016     .0005707    .0054025
        wpre_t_lev |  -.0148385    .007729    -1.92   0.058    -.0301654    .0004884
        wpre_t_roa |  -.0232045   .0104978    -2.21   0.029    -.0440221   -.0023869
        pre_a_size |  -.0036551   .0005188    -7.05   0.000    -.0046839   -.0026263
        wpre_a_lev |  -.0025294   .0092907    -0.27   0.786    -.0209532    .0158943
        wpre_a_roa |  -.0848561   .0229584    -3.70   0.000    -.1303834   -.0393288
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       501           0         501     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est14 stored)

. eststo: reghdfe shares c.fulldisclosure c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) noconst
> ant
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  13,    104) =       7.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0956
                                                  Adj R-squared   =     0.0300
                                                  Within R-sq.    =     0.0147
Number of clusters (country_year) =        105    Root MSE        =     0.1304

                               (Std. err. adjusted for 105 clusters in country_year)
------------------------------------------------------------------------------------
                   |               Robust
            shares | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
    fulldisclosure |   .0051614   .0049392     1.04   0.298    -.0046333    .0149561
            Lscope |  -.0804239   .0522828    -1.54   0.127    -.1841026    .0232548
Lpercent_publ_toas |   .0186712   .0305144     0.61   0.542      -.04184    .0791823
 Llog_indMean_toas |   .0031938   .0062895     0.51   0.613    -.0092785    .0156662
    Llog_num_firms |   .0099477   .0080306     1.24   0.218    -.0059774    .0258727
    LindMeanRw_roa |  -.2164911   .2123672    -1.02   0.310    -.6376233     .204641
      LindSdRw_roa |   .1425159   .2477063     0.58   0.566     -.348695    .6337268
        pre_t_size |   .0029974   .0012216     2.45   0.016     .0005749    .0054199
        wpre_t_lev |  -.0148022   .0077593    -1.91   0.059    -.0301892    .0005848
        wpre_t_roa |   -.023085   .0105174    -2.19   0.030    -.0439414   -.0022285
        pre_a_size |  -.0036659   .0005208    -7.04   0.000    -.0046986   -.0026332
        wpre_a_lev |  -.0024755   .0093087    -0.27   0.791    -.0209351     .015984
        wpre_a_roa |  -.0849854   .0229581    -3.70   0.000    -.1305122   -.0394586
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est15 stored)

. eststo: reghdfe shares c.fulldisclosure##c.Lscope Lpercent_publ_toas Llog_indMean_toas Llog_num_firms LindMeanRw_roa LindSdRw_roa `deal_level_controls' , absorb(i.country_year i.country_sic_2d_2) cl(country_year) nocons
> tant
(dropped 100 singleton observations)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      9,077
Absorbing 2 HDFE groups                           F(  14,    104) =       6.80
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0957
                                                  Adj R-squared   =     0.0299
                                                  Within R-sq.    =     0.0147
Number of clusters (country_year) =        105    Root MSE        =     0.1304

                                      (Std. err. adjusted for 105 clusters in country_year)
-------------------------------------------------------------------------------------------
                          |               Robust
                   shares | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
           fulldisclosure |   .0023465   .0059904     0.39   0.696    -.0095326    .0142256
                   Lscope |  -.0844947   .0527616    -1.60   0.112    -.1891229    .0201335
                          |
c.fulldisclosure#c.Lscope |   .0483686    .046918     1.03   0.305    -.0446716    .1414088
                          |
       Lpercent_publ_toas |   .0188417   .0304724     0.62   0.538    -.0415861    .0792695
        Llog_indMean_toas |    .003049    .006272     0.49   0.628    -.0093886    .0154867
           Llog_num_firms |   .0100758   .0080236     1.26   0.212    -.0058353     .025987
           LindMeanRw_roa |  -.2196616   .2120977    -1.04   0.303    -.6402593    .2009361
             LindSdRw_roa |   .1462088    .248456     0.59   0.557    -.3464887    .6389063
               pre_t_size |   .0030723   .0012419     2.47   0.015     .0006095    .0055351
               wpre_t_lev |   -.014772   .0077484    -1.91   0.059    -.0301374    .0005935
               wpre_t_roa |  -.0231194   .0105065    -2.20   0.030    -.0439543   -.0022846
               pre_a_size |  -.0036701   .0005215    -7.04   0.000    -.0047042   -.0026359
               wpre_a_lev |  -.0024702   .0093132    -0.27   0.791    -.0209387    .0159982
               wpre_a_roa |  -.0848939   .0229336    -3.70   0.000    -.1303722   -.0394157
-------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
     country_year |       105         105           0    *|
 country_sic_2d_2 |       497           0         497     |
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est16 stored)

. esttab using "TableAppendix10.csv", replace ar2 b(3) star(* 0.10 ** 0.05 *** 0.01)
(output written to TableAppendix10.csv)

. eststo clear 

. 
. **# APPDX Fig 1
. use "${path_dir}/data/SIC2_panel.dta", clear

. xtset sic_country deal_year, yearly

Panel variable: sic_country (strongly balanced)
 Time variable: deal_year, 2000 to 2016
         Delta: 1 year

. gen country_sample=1 if cntrycde=="AT" | cntrycde=="BE" | cntrycde=="DK" | cntrycde=="DE" | cntrycde=="ES" | cntrycde=="FI" | cntrycde=="FR" | cntrycde=="IT" | cntrycde=="IE" | cntrycde=="NL" | cntrycde=="SE" | cntrycde
> =="UK" 
(16,541 missing values generated)

. replace country_sample=1 if cntrycde=="US"
(1,360 real changes made)

. drop if cntrycde=="ES" | cntrycde=="UK"
(2,652 observations deleted)

. sort sic_country deal_year disclosure

. bysort sic_country: gen n=deal_year if disclosure==1 & disclosure[_n-1]==0 & disclosure[_n-1]!=.
(27,239 missing values generated)

. bysort sic2 cntrycde: egen treatment=max(n)
(1,360 missing values generated)

. replace treatment=0 if cntrycde=="US"
(1,360 real changes made)

. label variable log_private "No. of Targets (log)"

. label variable log_privassets "Sum of Targets' Assets (log)"

. /* Dynamics */
. gen country=cntrycde

. replace country="Austria" if cntrycde=="AT"
variable country was str2 now str7
(1,139 real changes made)

. replace country="Belgium" if cntrycde== "BE"
(1,241 real changes made)

. replace country="Denmark" if cntrycde=="DK"
(1,241 real changes made)

. replace country="Germany" if cntrycde=="DE"
(1,275 real changes made)

. replace country="Finland" if cntrycde=="FI"
(1,258 real changes made)

. replace country="France" if cntrycde=="FR"
(1,292 real changes made)

. replace country="Ireland" if cntrycde=="IE"
(1,122 real changes made)

. replace country="Italy" if cntrycde=="IT"
(1,258 real changes made)

. replace country="Netherlands" if cntrycde=="NL"
variable country was str7 now str11
(1,309 real changes made)

. replace country="Spain" if cntrycde=="ES"
(0 real changes made)

. replace country="Sweden" if cntrycde=="SE"
(1,258 real changes made)

. replace country="United Kingdom" if cntrycde=="UK"
(0 real changes made)

. gen year=deal_year

. gen sic_2d=sic2

. /* Figures */
. csdid log_crosscountry if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |  -.0407217   .0823515    -0.49   0.621    -.2021276    .1206843
         T-7 |   .1927268   .0925002     2.08   0.037     .0114297    .3740239
         T-6 |    .006861   .0584199     0.12   0.907    -.1076399    .1213619
         T-5 |   .0851011   .0476212     1.79   0.074    -.0082348    .1784371
         T-4 |   .0369857   .0403265     0.92   0.359    -.0420529    .1160242
         T-3 |   .1063061   .0394575     2.69   0.007     .0289709    .1836414
         T-2 |  -.0526753   .0424964    -1.24   0.215    -.1359667     .030616
         T-1 |  -.0254187   .0330967    -0.77   0.442    -.0902871    .0394497
         T+0 |   .0455176   .0355579     1.28   0.201    -.0241745    .1152098
         T+1 |   .0288575   .0309319     0.93   0.351     -.031768    .0894829
         T+2 |   .0556074    .035421     1.57   0.116    -.0138164    .1250312
         T+3 |   .0570912   .0376333     1.52   0.129    -.0166687     .130851
         T+4 |   .1197064   .0457118     2.62   0.009     .0301128    .2092999
         T+5 |   .0335617   .0446058     0.75   0.452    -.0538641    .1209875
         T+6 |   .0199461   .0475675     0.42   0.675    -.0732844    .1131767
         T+7 |     .05169    .063519     0.81   0.416    -.0728049    .1761849
         T+8 |   .2704824   .0888397     3.04   0.002     .0963597    .4446051
         T+9 |   .2213478   .0853383     2.59   0.009     .0540879    .3886078
        T+10 |   .1631008   .0924206     1.76   0.078    -.0180403    .3442419
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10") msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Cross-Country) name(event_1) ylabel(,ang
> le(0) labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/cross_country.pdf", as(pdf) name("event_1") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/cross_country.pdf saved as PDF format

. csdid log_samecountry if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |   .1265645   .0888236     1.42   0.154    -.0475267    .3006556
         T-7 |   .3317571   .0932195     3.56   0.000     .1490503     .514464
         T-6 |    .022235   .0607582     0.37   0.714    -.0968488    .1413189
         T-5 |   .1120805   .0500475     2.24   0.025     .0139893    .2101718
         T-4 |   .0512324   .0401355     1.28   0.202    -.0274317    .1298966
         T-3 |   .0805806   .0395188     2.04   0.041     .0031251    .1580361
         T-2 |  -.0716655   .0351386    -2.04   0.041     -.140536    -.002795
         T-1 |  -.0465868    .032419    -1.44   0.151    -.1101268    .0169532
         T+0 |   .0503846   .0333107     1.51   0.130    -.0149032    .1156723
         T+1 |   .0851771   .0325148     2.62   0.009     .0214492    .1489049
         T+2 |   .1061337   .0398368     2.66   0.008      .028055    .1842124
         T+3 |    .179193   .0435931     4.11   0.000     .0937521    .2646339
         T+4 |   .2589951   .0469755     5.51   0.000     .1669248    .3510653
         T+5 |   .2207799   .0518987     4.25   0.000     .1190604    .3224994
         T+6 |   .2072602   .0612133     3.39   0.001     .0872845     .327236
         T+7 |   .3177683   .0681161     4.67   0.000     .1842633    .4512733
         T+8 |   .8384121   .1184323     7.08   0.000      .606289    1.070535
         T+9 |   .7216683   .1168438     6.18   0.000     .4926586     .950678
        T+10 |   .4420347   .1083641     4.08   0.000     .2296449    .6544245
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10")  msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Same-Country) name(event_2) ylabel(,ang
> le(0) labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/same_country.pdf", as(pdf) name("event_2") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/same_country.pdf saved as PDF format

. csdid log_contiguous if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |  -.0708297   .0747425    -0.95   0.343    -.2173224     .075663
         T-7 |   .0516386   .0697515     0.74   0.459    -.0850718     .188349
         T-6 |  -.0361279   .0558303    -0.65   0.518    -.1455533    .0732976
         T-5 |  -.0466932   .0403323    -1.16   0.247    -.1257431    .0323566
         T-4 |  -.0047546   .0379987    -0.13   0.900    -.0792307    .0697216
         T-3 |   .0112242   .0338641     0.33   0.740    -.0551483    .0775966
         T-2 |    .016503   .0371199     0.44   0.657    -.0562506    .0892566
         T-1 |  -.0329273   .0316574    -1.04   0.298    -.0949746      .02912
         T+0 |   .0657932   .0330318     1.99   0.046     .0010521    .1305343
         T+1 |   .0469296    .029615     1.58   0.113    -.0111148     .104974
         T+2 |   .0612231   .0332344     1.84   0.065     -.003915    .1263613
         T+3 |   .0875574     .03157     2.77   0.006     .0256814    .1494334
         T+4 |   .0803904   .0420895     1.91   0.056    -.0021036    .1628843
         T+5 |   .0216884   .0435328     0.50   0.618    -.0636344    .1070111
         T+6 |    .048923   .0463868     1.05   0.292    -.0419935    .1398395
         T+7 |   .0624308   .0596667     1.05   0.295    -.0545138    .1793755
         T+8 |   .0498934   .0736243     0.68   0.498    -.0944075    .1941943
         T+9 |  -.0244635   .0702503    -0.35   0.728    -.1621515    .1132245
        T+10 |   .0510531   .0775446     0.66   0.510    -.1009315    .2030377
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10")  msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Contiguous) name(event_3) ylabel(,angle
> (0) labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/contiguous.pdf", as(pdf) name("event_3") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/contiguous.pdf saved as PDF format

. csdid log_colonial if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |    .067825   .0708196     0.96   0.338    -.0709788    .2066288
         T-7 |   .1662121   .0642976     2.59   0.010     .0401911    .2922331
         T-6 |   .0990405   .0545095     1.82   0.069     -.007796    .2058771
         T-5 |   .0568995   .0325089     1.75   0.080    -.0068168    .1206157
         T-4 |   .0693185   .0352672     1.97   0.049     .0001959     .138441
         T-3 |   .0648762   .0319246     2.03   0.042     .0023051    .1274474
         T-2 |   .0027672   .0296104     0.09   0.926    -.0552681    .0608026
         T-1 |  -.0145229   .0290007    -0.50   0.617    -.0713633    .0423174
         T+0 |   .0214029   .0282495     0.76   0.449    -.0339651    .0767709
         T+1 |    .031739   .0270437     1.17   0.241    -.0212656    .0847436
         T+2 |   .0893286   .0302272     2.96   0.003     .0300843    .1485729
         T+3 |   .0785923   .0315029     2.49   0.013     .0168477     .140337
         T+4 |   .1477392   .0313938     4.71   0.000     .0862085    .2092699
         T+5 |   .0868789   .0381952     2.27   0.023     .0120176    .1617401
         T+6 |   .0599236   .0424556     1.41   0.158    -.0232877     .143135
         T+7 |   .1496911   .0480152     3.12   0.002      .055583    .2437991
         T+8 |   .2176978   .0708933     3.07   0.002     .0787495    .3566461
         T+9 |   .1515015   .0690227     2.19   0.028     .0162195    .2867835
        T+10 |   .1637245   .0699997     2.34   0.019     .0265277    .3009213
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10")   msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Colonial) name(event_4) ylabel(,angle(
> 0) labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/colonial.pdf", as(pdf) name("event_4") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/colonial.pdf saved as PDF format

. csdid log_language if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |  -.0623267   .0602097    -1.04   0.301    -.1803356    .0556822
         T-7 |   .2415786   .0682716     3.54   0.000     .1077687    .3753884
         T-6 |  -.0139087   .0494097    -0.28   0.778      -.11075    .0829326
         T-5 |   .0238593   .0382431     0.62   0.533    -.0510959    .0988144
         T-4 |   .0044312   .0366098     0.12   0.904    -.0673226     .076185
         T-3 |   .0692294   .0369359     1.87   0.061    -.0031637    .1416224
         T-2 |  -.0199491   .0380601    -0.52   0.600    -.0945456    .0546473
         T-1 |  -.0192806   .0280812    -0.69   0.492    -.0743188    .0357577
         T+0 |    .050838   .0347198     1.46   0.143    -.0172115    .1188876
         T+1 |    .049987    .027451     1.82   0.069    -.0038159    .1037899
         T+2 |   .0775095   .0324483     2.39   0.017     .0139121    .1411069
         T+3 |   .1294646   .0348499     3.71   0.000     .0611601     .197769
         T+4 |   .1917103   .0398423     4.81   0.000     .1136209    .2697997
         T+5 |   .0791774   .0411739     1.92   0.054    -.0015219    .1598768
         T+6 |   .0580785   .0432039     1.34   0.179    -.0265996    .1427566
         T+7 |   .1502328   .0584376     2.57   0.010     .0356972    .2647685
         T+8 |    .261689   .0809896     3.23   0.001     .1029523    .4204256
         T+9 |    .100724   .0681954     1.48   0.140    -.0329366    .2343846
        T+10 |   .1408091   .0801119     1.76   0.079    -.0162073    .2978255
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10") msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Same Language) name(event_5) ylabel(,ang
> le(0) labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/language.pdf", as(pdf) name("event_5") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/language.pdf saved as PDF format

. csdid log_distant if country_sample==1 & deal_year<2013, ivar(sic_country) time(deal_year) gvar(treatment) cl( country_year) agg(event)
..................................................
..........
Difference-in-difference with Multiple Time Periods

                                                        Number of obs = 10,517
Outcome model  : weighted least squares
Treatment model: inverse probability tilting
------------------------------------------------------------------------------
             | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
         T-8 |   .0038396   .0718098     0.05   0.957    -.1369051    .1445842
         T-7 |    .304325   .0730003     4.17   0.000      .161247    .4474029
         T-6 |   .0021361   .0508531     0.04   0.966    -.0975342    .1018063
         T-5 |   .1570031   .0413939     3.79   0.000     .0758725    .2381337
         T-4 |   .0360026   .0344867     1.04   0.297    -.0315902    .1035953
         T-3 |   .1103267   .0348236     3.17   0.002     .0420737    .1785797
         T-2 |  -.0719878   .0345162    -2.09   0.037    -.1396383   -.0043373
         T-1 |  -.0205853   .0326999    -0.63   0.529     -.084676    .0435054
         T+0 |   .0145489   .0353766     0.41   0.681     -.054788    .0838858
         T+1 |  -.0233743   .0302238    -0.77   0.439    -.0826119    .0358632
         T+2 |   .0443109   .0347857     1.27   0.203    -.0238678    .1124896
         T+3 |   .0266898   .0365047     0.73   0.465    -.0448581    .0982376
         T+4 |   .1319475   .0417253     3.16   0.002     .0501674    .2137276
         T+5 |   .0606343    .044973     1.35   0.178    -.0275112    .1487798
         T+6 |   .0184585   .0464325     0.40   0.691    -.0725476    .1094645
         T+7 |    .058731    .061071     0.96   0.336    -.0609659    .1784278
         T+8 |   .2814848   .0832019     3.38   0.001     .1184121    .4445575
         T+9 |   .2872314   .0848356     3.39   0.001     .1209568     .453506
        T+10 |   .1978175   .0900042     2.20   0.028     .0214125    .3742226
------------------------------------------------------------------------------
Control: Never Treated

See Callaway and Sant'Anna (2021) for details

. coefplot, drop("T-8","T-7","T-6","T-5", "T+8","T+7","T+6","T+5","T+9","T+10")  msymbol(0h) pstyle(p1dot) vertical ytitle(Coefficients) xtitle(Years to Disclosure Regulation) title(Distant) name(event_6) ylabel(,angle(0)
>  labsize(small)) replace graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)

. graph export "${path_dir}/output/distant.pdf", as(pdf) name("event_6") replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/distant.pdf saved as PDF format

. graph combine event_2 event_1  event_3  event_6  event_4  event_5, col(2) rows(1)  saving(Graph.gph, replace)  graphregion(color(white))
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)
(note:  named style 0h not found in class symbol, default attributes used)
file Graph.gph saved

. graph export "${path_dir}/output/Fig_Appdx_1.pdf", as(pdf) replace
file /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data//output/Fig_Appdx_1.pdf saved as PDF format

. graph drop _all

. 
. 
. log close
      name:  <unnamed>
       log:  /home/marcelo/Documents/Dropbox/research_papers/Mandatory disclosure and M&A/Submissions/publication_code_data/output/results_full_dataset.log
  log type:  text
 closed on:   7 May 2023, 14:23:44
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